BEQUEST LANGUAGE: Explanation and examples

TYPES

SPECIFIC BEQUESTS- direct a specified amount of money or a specified asset to an individual or organization.

 

Sample language: “I give, devise and bequeath [$ _____] or [asset] to Heidelberg College (Federal tax ID #34-4428219), a 501(c)(3) nonprofit organization located at 310 E. Market Street, Tiffin, Ohio 44883, for its general use and purposes.”

 

PERCENTAGE BEQUESTS - direct the bequest designation as a percentage of an estate rather than a specific dollar amount or item.

 

Sample language: “I give, devise, and bequeath [X %] of my estate to Heidelberg College (Federal tax ID #34-4428219), a 501(c)(3) nonprofit organization located at 310 E. Market Street, Tiffin, Ohio 44883, for its general use and purposes.”

 

“COMBINATION” BEQUESTS - for donors who wish Heidelberg to receive at least a certain dollar amount, but also to benefit from their estate's appreciation over time.

 

Sample language: “I leave the greater of [X% of my estate] or [$____ ]to Heidelberg College (Federal tax ID #34-4428219), a 501(c)(3) nonprofit organization located at 310 E. Market Street, Tiffin, Ohio 44883, for its general use and purposes.”

 

RESIDUARY BEQUESTS - direct distribution of the residuum of the estate, that is, the part left after all expenses have been paid and other specific and percentage bequests have been distributed.

 

Sample language: “I give, devise, and bequeath [X % of] or [the rest, residue and remainder] of my estate consisting of property, both real and personal, wherever situated, which I may own or be entitled to at my death, to Heidelberg College (Federal tax ID #34-4428219), a 501(c)(3) nonprofit organization located at 310 E. Market Street, Tiffin, Ohio 44883, for its general use and purposes.”

 

CONTINGENT BEQUESTS - make distribution of the bequest contingent upon the occurrence of a particular set of factors or circumstances.

 

Sample language: “I give, devise, and bequeath to [Named Person], [$___], [X%], or [the rest, residue and remainder] of my estate. Should [Named Person] predecease me, I direct this sum or percentage to Heidelberg College (Federal tax ID #34-4428219), a 501(c)(3) nonprofit organization located at 310 E. Market Street, Tiffin, Ohio 44883, for its general use and purposes.”

USES

UNRESTRICTED BEQUESTS - are available for the general use of Heidelberg College to spend as it sees fit.

 

Sample language: “I give, devise, and bequeath [X %] of my estate to Heidelberg College (Federal tax ID #34-4428219), a 501(c)(3) nonprofit organization located at 310 E. Market Street, Tiffin, Ohio 44883, to be used by the board thereof in such a manner as they deem most useful for the purposes of Heidelberg College.”

 

RESTRICTED BEQUESTS - direct funds to a specified program or purpose.

 

Sample language: “I give, devise, and bequeath to Heidelberg College (Federal tax ID #34-4428219), a 501(c)(3) nonprofit organization located at 310 E. Market Street, Tiffin, Ohio 44883”

 

Institutional Endowment Fund: . . .for the endowment fund of Heidelberg College. The annual income thereof to be used by the board in such a manner as it may direct. - or

 

Individual, Named Endowment Fund: . . .for the [Named] endowed fund. The annual income thereof to be used for [provide the special purpose designated by the donor and the operating parameters of the fund]. - or -

 

Restricted Program Use: . . .to be used [provide names of programs or other opportunities for restricted funding].

 

CAUTION: When contemplating restricted uses, be sure to communicate with College representatives to devise appropriately broad wording and/or provide contingent plans for discontinued or altered programs.

 

NOTE: The information provided is not intended to be legal or tax advice. It is always advisable to consult with a qualified estate planning attorney and/or other professional advisors when drafting your will to ensure your wishes for family and Heidelberg College are properly documented.

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