Man Who Owned San Jose Gas Station Leaves Los Angeles Residents 400K Bequest
A former Angeleno has left $442,173.77 to the residents of Los Angeles. The bequest, from Theodore DiFiora, who died in 1990 at the age of 79, was accepted by the Los Angeles City Council last week.
The bequest was left to the city in DiFiore’s handwritten will, which was originally written in 1976 and updated several times afterwards. He left each of his five siblings just $1. One of DiFiore’s sisters had tried to fight the bequest, but failed.
In DiFiore’s will, he said: "And I wish to give the rest of my real and personal property after the payments of my debts and expenses by my executor to the city of Los Angeles."
The money came from DiFiore’s assets, which were primarily an auto repair shop and an old gas station in San Jose, California. The site took years to clean up and sell—which is why the city is receiving the bequest only now—16 years after DiFiore’s death. No one is sure why he chose to give the money to the city of Los Angeles, although he was living in downtown Los Angeles when he passed away. In his will, DiFiore did not indicate any purpose that he would like the city to use the money for. The mayor and the city council will decide how to spend the money. His gift is one of the largest bequests given to the city in recent years.
A bequest is a revocable gift that you leave to a beneficiary in your will:
· It is not payable until death, so it does not affect your assets or cash flow during your lifetime.
· It is private – your will is not filed or made public until your death.
· It is revocable – you can change the provisions in your will or trust at any time until death.
A bequest in your will can be structured in these ways:
· By naming a specific sum of money or article(s) of property.
· By naming a percentage of your estate.
· By giving the residual or a portion of the residual of your estate (what is left after specified gifts have been distributed).
· By naming a charity as an alternate beneficiary.
If you would like to make a will and leave a bequest to someone, Sagaria Law, P.C. can help you. Our estate planning attorneys can help you draft the necessary documents correctly, as well as let you know of other estate planning options you may want to consider. Contact Sagaria Law, P.C. today for a free, no obligation consultation.
L.A. accepts mysterious bequest, LA Times, December 13, 2006
Bequest In Your Will, CHS.ca
Bequests, waystohelp.seattlechildren.org
Related Web Resource:
Wills and Estate Planning, Nolo.com