Giving to the Library in Your Will or Living Trust
Ways to Give
A specific bequest is a gift of a particular dollar amount or property.
For example: I bequeath (dollar amount or description of personal property) to Library of the Chathams, 214 Main Street, Chatham, NJ 07928.
A contingent bequest is a gift which takes effect only if the primary beneficiary or beneficiaries of the bequest should predecease you.
For example: If neither my spouse nor any descendant of mine survives me, then I give, bequeath and devise all the rest, residue and remainder of (property or account) to Library of the Chathams, 214 Main Street, Chatham, NJ 07928.
The most common and simple to designate, a residuary bequest is a gift of all or part of the property remaining in your estate after debts, expenses and specific bequests have been paid. You control what percentage of your estate is given to an individual or charity. This method automatically adjusts the size of your bequest according to the value of your estate. In the event of unexpected changes in your estate value, you can have peace of mind that your intentions will be fulfilled without the estate running out of assets to distribute.
For example: I bequeath (___%) of the rest, residue and remainder of my property, both real and personal, to Library of the Chathams, 214 Main Street, Chatham, NJ 07928.
Information for the Attorney Drafting Your Bequest
Library Full Legal Name: Joint Free Public Library of the Chathams
Legal address: 214 Main Street, Chatham, NJ 07928
Federal Tax Identification Number (TIN): 22-6001717
Incorporation Date: January 22, 1907
The library became a joint library, Library of the Chathams, on January 1, 1975.
Gifts to the Library are not subject to estate tax.
Consult with your attorney or other advisors to make sure that the gift you choose makes sense as part of your overall estate plan.