When it comes time to write your will, many people in Texas and across the United States, come across the difficult task of dividing their property and assets among family and friends. But what if you want to bequeath money to an organization or perhaps a business?
People have left money in their wills to people and organizations of their choice for decades, and one California farmer wanted to be no different. So when it came time to write his will, he set aside $2.8 million to be given to the Camarillo Public Library. Upon his death, librarian workers were shocked to hear that such a generous donation had been left for them.
According to the will, the multimillion-dollar bequest was intended for the expansion of the library’s collection of business books, digital media and other materials. “One of the keys to success of the business library is to perform outreach to the community,” a city librarian said. Librarian workers say this money will help them to reach more people in the community than they could before.
But the library wasn’t the only grateful organization who received a generous donation upon the farmer’s death in 2005. He also left $11 million to charities and public agencies such as the American Red Cross, the Camarillo Health Care District, the Salvation Army, as well as a children’s home.
Leaving money to family members and friends after you pass is the general way of doing things, but for those that want to help their community as well, allocating money to a business or organization in your will may be another option.
Source: The Ventura County Star, “Camarillo library plans to expand business collection with $2.8 million bequest,” Jennifer Letzer, Sept. 17, 2012