Greetings and welcome to the router forums, we are glad to have you join us.
The chamfer bit will do the trick. The bit will come with a guide bearing on top so it can be used in or out of a router table. Just use a piece if scrap to set the depth to the 1/4" you want. For my part if the piece is long I prefer the free hand, out of the table for shorter pieces the table is the best for me. Either way be sure to go against the direction of rotation of the bit. In the table it feeds right to left, free hand left to right. If you feed with the direction of rotation the router will "take off" with you and can lead to an injury, it is called a "climb cut" and is sometimes nessary to use but only after much experience. If you use a router table be sure not to get your stock between the bit and the fence, once again a not good outcome.
It may be that you already know all this but when you asked about chamfer bit I suspected you all have had limited experience with a router. Some others may wish to add some from their experience. Just be sure to be safe and enjoy the experience.
Wisdom: Where experience and knowledge combine and become one.
"We are all one decision away from Stupid!!"
"How often we sacrifice the permanent plans of God on the altar of immediate solutions"
I have a very good memory, just short is all.