Many people incorporate a planned gift into their estate and financial planning.
There are many types of planned gifts. Bequests are the simplest way to give from your estate. A bequest is a provision in your will or living trust that directs certain assets to URI, and thereby reduces your taxable estate. A bequest provision can be incorporated into your will when you are revising it, or added to an existing will by means of a codicil. A residuary bequest is that which remains after specific bequests to others, estate taxes, and estate settlement fees are paid.