A will can be the foundation of a well-drafted estate plan. It divides and distributes property, can provide security for family members, can minimize taxes and estate costs and, through a bequest, can create a lasting legacy for UCLA School of Law. Many people use a living trust as a substitute for a will or in conjunction with one.
Specific Bequest – The specific bequest gives a specific item or a specific piece of property to The UCLA School of Law Foundation. Such bequests are fulfilled before cash and residuary bequests.
Cash Bequest – A cash bequest is an excellent alternative to the specific bequest. The cash bequest states that The UCLA School of Law Foundation will receive a certain specified sum of money from your estate. Such bequests are fulfilled after specific but before residuary bequests.
Residuary Bequest – This bequest is made from the assets remaining in your estate after all specific and cash bequests, taxes, settlement costs and debts are satisfied. Typically this is stated as a percentage, if you wish to divide the residue of your state among different beneficiaries.