Traditionally, bequests to the Yale Peabody Museum have been a primary source of endowment support. Each individual legacy contributes to the Museum’s financial stability.

 

Forms of Bequest

A pecuniary or specific bequest designates a specific dollar amount, a particular asset, or a fixed percentage of your estate:

“I give [dollar amount, or a specific asset] to the Yale Peabody Museum in New Haven, Connecticut.”

All or a portion of your residuary estate may be left to the Yale Peabody Museum after you have provided for all other beneficiaries by specific bequests:

“I give [percentage] of the rest, residue, and remainder of my estate to the Yale Peabody Museum in New Haven, Connecticut.”

The Museum can be a contingent beneficiary of your estate if you stipulate that the Yale Peabody Museum will receive all or a portion of your estate if your named beneficiaries do not survive you:

“In the event [named beneficiary] does not survive me, I give [dollar amount, a specific asset, or percentage of the rest, residue, and remainder of my estate] to the Yale Peabody Museum in New Haven, Connecticut.”

 

Retirement Plan Assets

You may wish to consider leaving tax-burdened property to the Yale Peabody Museum, such as Individual Retirement Accounts and other retirement plan death benefits. The combined effect of income and estate taxes that can result from leaving such assets to family members can exceed 75% of the asset’s value.

If you do name a family member as the beneficiary of retirement plan assets, you may wish to name the Yale Peabody Museum as the contingent or alternative beneficiary, should the family member predecease you. You can also give the family member an option to disclaim any benefits in favor of the Museum. Finally, you may wish to consider designating a charitable remainder unitrust for the benefit of a surviving family member as the beneficiary of the retirement plan assets.