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Bequest

Bequest

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Bequests
Bequests are a major source of funds for Chabad. Your testamentary charitable bequest ensures that your support of Chabad will continue in perpetuity. It is possible to designate a special purpose or program for your bequest, keep in mind, the specific needs of the Center may change depending on the future state of world events. Therefore, it is preferable to authorize the Center to use the bequest for its general charitable purposes in the event the designated use is determined to be inapplicable.

There are many types of Bequests:

Outright Bequest - Lubavitch Chabad of Northbrook is given a specific dollar amount or a specific asset, such as securities or marketable real estate.

Residuary Bequest - Lubavitch Chabad of Northbrook is given all or a percentage of the remainder of the estate after payment of all expenses of the estate and any other specific amounts bequeathed to other beneficiaries of the will.

Testamentary Trust - You may provide for income to be paid from the trust to a designated beneficiary, and after that individual's lifetime all or part of the principal passes to the Center.

Contingent Bequest - You may have family and friends for whom you feel a responsibility and choose to provide for them first in your will. The Center is given a bequest only if the designated beneficiarie(s) predecease you.

The provisions in your will or revocable living trust for leaving a charitable bequest to the Lubavitch Chabad of Northbrook, will depend upon the type of gift and your unique circumstances. We hope these sample bequest clauses will be helpful to your attorney.

Unrestricted General Legacy (Outright Bequest) I bequeath to the Lubavitch Chabad of Northbrook, an Illinois not for profit corporation, having its principal offices at 2095 Landwehr Rd Northbrook, IL 60062, the sum of ($________) DOLLARS for its general charitable purposes.

Bequest for Specific Purpose I bequeath to the Lubavitch Chabad of Northbrook an Illinois not for profit corporation, having its principal offices at 2095 Landwehr Road, Northbrook, IL 60062 the sum of ($________) DOLLARS [OR] a percentage (%________) of my residuary estate to be used for the Chabad of Tustin [insert specific purpose designation]*. If in the opinion of the Board of Directors, the purposes of the Lubavitch Chabad of Northbrook would be better served by using the income or principal, or both, for the Lubavitch Chabad of Northbrook general purposes, the income or principal, or both may be so used.

Bequest for Specific Purpose by Endowment I bequeath to Lubavitch Chabad of Northbrook, an Illinois not for profit corporation, having its principal offices at 2095 Landwehr Road, Northbrook, IL 60062, the sum of ($________)DOLLARS [OR] a percentage(%________) of my residuary estate to establish an endowment fund bearing the name of________________ . The net income therefrom shall be used for the benefit of Lubavitch Chabad of Northbrook Chabad insert specific purpose designation]*. If, in the opinion of the Board of Directors, the purposes of the Lubavitch Chabad of Northbrook designated program would be better served by using the income and principal of the fund, they may have the discretion to do so.

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