Your will designates your beneficiaries and spells out your final wishes. A bequest in your will to The Cedars is exempt from both the federal and Maine estate tax. The following suggested forms of bequests are examples and can be adapted by you and your lawyer to meet your specific intentions.
Specific Bequest
“I give and bequeath to The Cedars, a Maine non-profit corporation, 630 Ocean Avenue, Portland, Maine, the sum of $ ___________ to be used for the general purposes of the organization (or to be used for a specific purpose such as endowment, programming, staff education, etc.).”
Residuary Bequest
“I give and bequeath to The Cedars, a Maine non-profit corporation, 630 Ocean Avenue, Portland, Maine, all (or stated percentage of) the rest residue and remainder of my estate to be used for the general purposes of the organization (or to be used for a specific purpose such as endowment, programming, staff education, etc.).”
Contingent Bequest
A contingent bequest names The Cedars to receive part or all of your estate in the event your designated beneficiarie(s) predecease you. You might insert in your will language such as the following: “If any beneficiary named in this will is not living at my decease, then I give, devise and bequeath to The Cedars, a Maine non-profit corporation, 630 Ocean Avenue, Portland, Maine, any bequest which said beneficiary would have received if he or she had survived me.”
