Question

Donation which is given as per will is known as ​

Answer 1

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Introduction

Donations by will have been widely used for centuries to distribute to charities some or all of a donor’s remaining assets upon his or her death.

Donors sometimes hesitate to make a substantial donation of cash, land, or other property during their lives because they are concerned of the risk that they might unintentionally deplete assets that they will come to need later in their lives. A gift by will—a will being something that they can change at any time—avoids this concern.

Unrestricted gifts of cash or items of personal or real property that can be converted into cash may come as delightful, and much appreciated, surprises to the recipient. That’s not always true with gifts restricted to a particular use. If it is the donor’s intent to restrict a gift’s use (or transferability to another organization), the charity should be consulted in order to ensure that the organization will want to accept and manage the planned gift.

Donation by will may help donors achieve goals of both supporting conservation and avoiding or minimizing state inheritance and federal estate taxes.

Types of Gifts

Bequest

A gift of cash or other personal property by will, sometimes called a bequest, can be made in a specific dollar amount or calculated as a formula based upon other requirements of the estate. A gift can be unrestricted or can be given for a specific purpose. It can be to a specific organization, or, in the will, the donor can give the person(s) administering the estate (the “personal representatives”) the power to identify the recipient—the beneficiary of the gift.

Devise

A gift of land or other real estate interests by will, sometimes called a devise, can be made of the entire ownership interest, a percentage interest in common with others, or a remainder interest after the lifetime of some individual or individuals identified in the will. The will may authorize or direct the personal representative to donate a conservation easement on a property to a conservation organization before it is conveyed out of the estate in accordance with the terms of the will.

Unrestricted vs. Restricted Gifts

Gifts to Support an Organization’s Broad Purposes

Donations of cash, shares of stock, or other items of personal property that can be converted into cash are always welcomed by conservation organizations. Unless the donor specifies otherwise, the donation, and any earnings generated by investment of the donation, can be used by the conservation organization in support of its general operating expenses or other specific purposes designated by its board.

Gifts That Have Conditions or Restrictions

Donors intending to place restrictions on their gift should have a candid discussion with likely recipients of the gift to confirm the acceptability of the gift and their capacity to maintain and use the gift consistent with the intentions of the donor. This discussion may be on a confidential basis for the protection of both the donors and the prospective recipients. Absent a contractually binding obligation to make a gift, a will can always be changed up to the moment of death. If there is an expectation that the recipient will invest time and resources, or forego other opportunities, in reliance upon the expected gift by will, then it would be appropriate to enter into a mutually binding donation agreement to assure that those expectations will be met.

A donor’s failure to communicate with the receiving organization regarding the donation of a restricted cash gift, land, or easement can mean the organization is not fully prepared or even equipped to comply with the wishes of the donor. In some cases, it may not be clear to either the organization or the decedent’s personal representatives what the donor intended regarding future use and transferability of the donated property.