Bequest Language

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Bequest Legacy Giving

Legacy Giving Through Bequest Gifts


Wills and Bequests

The charitable bequest is the most familiar and widely used way to benefit America’s Automotive Trust (AAT) at some future time. It is how many donors choose to establish a legacy after their lifetime, but in a way that remains revocable at any time during their life.

Most who include AAT in their wills often benefit their heirs at the same time. A charitable bequest is completely deductible from the estate. Depending on your needs, there are many forms a bequest to AAT can take. These include:

1. General Bequest: specifies a designated sum of money from your estate, such as $10,000. These are among the first bequests to be fulfilled in an estate.

2. Specific Bequest: a specifically designated item, such as stock in a certain company, a specific home or piece of land, art work, etc. If you do not own the item at the time of your death, the beneficiary will get nothing.

3. Percentage Bequest: a designated percentage of your estate, such as 10%. A good way to ensure that inflation will not reduce the value of your bequest to AAT.

4. Residuary Bequest: a designation that gives AAT all or a percentage of any estate remaining after all your general and specific bequests are satisfied. There may or may not be any gift for AAT with such a bequest.

5. Contingent Bequest: a bequest that will not take effect unless another bequest fails, such as to a spouse or other relative that might predecease you.

Many donors also establish testamentary charitable trusts in their will or living trust. These may be annuity trusts or unitrusts just like those created during life but are funded or created in a will.

For those already with wills, simple changes can easily be made with a codicil. A codicil is a simple addition or amendment to an existing will. As with all bequests, codicils remain revocable during your lifetime. Regardless of your charitable plans, it is important to regularly review your will and make sure it meets the changing needs of you and your family.

Recognition: Designated bequest gifts to America’s Automotive Trust are recognized through AAT.

Bequest Language

“I give (describe dollar amount, percentage of estate, or property to be given) to the America’s Automotive Trust, a nonprofit corporation organized and existing under the laws of the State of Washington and having its principal place of business in the City of Tacoma, County of Pierce, State of Washington, to support where the need is greatest, (or a specific purpose, i.e., HEP, capital needs, programs, endowment).” (Please consult your legal adviser to include in your will or trust).

For more information, contact Gabriel Mosse, Director of Development, at 253.683.3941 or gabriel.mosse@aat.org. You can also visit www.americasautomotivetrust.org to learn more.


 

 

 

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Planned Giving

Ensuring America's Automotive History is Preserved

1965 Lotus F2There are many factors that show America's automotive history is at risk:

  • Our education system emphasizes college-prep and focuses less on the applied arts, crafts and trades. Meaning less young adults are entering the workforce in the areas of restoration and preservation of vintage vehicles, including motorcycles, boats and planes.
  • Car services are becoming more popular and are competing with traditional car ownership.
  • Technological advances have made modern cars more reliable and longer lasting – reducing the need for local repair shops. Hyper-sophisticated safety and environmental requirements make it difficult for a local mechanic to maintain or repair vehicles.
  • Government sponsored museums are dedicated to art, technology, history, air and space, but there is no Smithsonian for the automobile. Many traditional car museums have a limited purpose beyond showcasing the collections of its founders. They're often static in nature, have limited cultural reference and unfortunately, often collapse with the death of their founders with collections sold and dispersed.
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