Types of bequests if you have a current will:
Used to give all or a portion of the rest, residue, and remainder of your estate after payment of expenses and any specific amounts designated to other beneficiaries.
Used to make a gift of a specific dollar amount, a percentage amount, specific assets, such as securities, or personal property.
The most beneficial type of bequest is unrestricted, allowing the funds to be allocated by the Board of Directors of the Lake View Cemetery Foundation and the Lake View Cemetery Association, wherever the priority need is greatest. For example: “I give, devise and bequeath the sum of $______________ to the Lake View Cemetery Foundation, a 501(c)(3) incorporated in the State of Ohio, its office located at 12316 Euclid Avenue, Cleveland, Ohio 44106”
Restricted for a Specific Purpose
You may designate your bequest to support a special program or purpose that reflects your personal or professional interest (for example: capacity building, horticulture, Historic Preservation). For example: “I give, devise and bequeath the sum of $______________ to support (special program, i.e. horticulture) at the Lake View Cemetery Foundation, a 501(c)(3) incorporated in the State of Ohio, its office located at 12316 Euclid Avenue, Cleveland, Ohio 44106”
If the bequest is restricted to a specific purpose, it is important that the following wording be added at the end of the provision. This will ensure that, in the remote possibility a specified purpose may cease to need funds in the future, an alternate use for the bequest may be determined. For example: “For so long as the Board of Trustees of the Lake View Cemetery Foundation determines that the need exists. Should the need no longer exist, said Board of Trustees may, in its sole discretion, direct the use of my bequest for a purpose related as closely as possible to that stated above.”
Interested in giving?
Before writing a will that includes any type of bequest, donors are encouraged to contact Margaret Ann Gudbranson, Esq.
Lake View Cemetery Foundation
216-453-0991 or MGudbranson@lakeviewcemetery.com