Bequest
A bequest is a gift you can make to support the mission of the Museum of Fine Arts, Houston, in your will, living trust, or with a codicil.
A bequest allows you to continue to use the property you will leave to us during your life and make a lasting impact on our work after you are gone.
Benefits of a Bequest
- Receive an estate tax charitable deduction
- Reduce the burden of taxes on your family
- Leave a lasting legacy to our organization
How a Bequest Works
A charitable bequest is one of the easiest gifts to make. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends, and/or the Museum of Fine Arts, Houston, as part of your estate plan. You can also make a bequest using a beneficiary designation form.
Here Are Some of the Ways to Leave a Bequest to the Museum of Fine Arts, Houston
- Include a bequest to the Museum of Fine Arts, Houston, in your will or revocable trust.
- Designate the Museum of Fine Arts, Houston, as a full, partial, or contingent beneficiary of your retirement account (IRA, 401(k), 403(b) or pension).
- Name the Museum of Fine Arts, Houston, as a beneficiary of your life insurance policy.
A Bequest May Be Made in Several Ways
- Specific Bequest: A specific bequest involves making a gift of a specific asset such as real estate, a car, other property, or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to the Museum of Fine Arts, Houston.
- Percentage Bequest: Another kind of bequest involves leaving a specific percentage of your overall estate to our organization. For example, you may wish to leave 10% of your estate to the Museum of Fine Arts, Houston.
- Residual Bequest: A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to our organization. For example, you may wish to leave 30% of the residue of your estate to the Museum of Fine Arts, Houston.
Contact Us
Please be sure to consult your advisors when considering your philanthropic objectives. If you have been so generous as to include a bequest to the Museum of Fine Arts, Houston, as part of your estate plan, please take the time to let us know. We would like to recognize you and your family for your generosity.
Additional Information
The method used to make a bequest will depend on the kind of gift you choose to leave to the Museum of Fine Arts, Houston.
Bequests of real estate, personal property, business interests, and cash are typically made by way of a will, revocable trust, or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests, such as those involving retirement assets, insurance policies, bank accounts, and stocks and bonds, are typically made by completing the appropriate beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank, or investment broker and ask them to send you the appropriate "beneficiary designation" or "payable on death" form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who originally sent the form to you.
The last step in leaving any bequest involves the transfer to charity. When you pass away, the bequest property will be transferred to the Museum of Fine Arts, Houston. The full value of this gift will be transferred tax-free, and your estate will receive an estate tax charitable deduction.