Bequest Language

Suggested Bequest Wording

pdficon_large.gif Printable Bequest Language


The term “bequest” usually refers to a statement in your will of your wish to provide for an individual(s) or organization(s) after your death. You can make a bequest for a specific dollar amount or for a percentage of your estate. You can designate your bequest for general use, or you can restrict its use. Many individuals establish endowments that honor the memory of a family member or another loved one. These endowments live forever because only the earnings distribution is used annually. Because a will is an important legal document, you should seek an attorney’s help. To assist you with this important process, we offer some suggested bequest wording below.

Following are some examples of various types of bequests:

Specific bequests are used to make a gift of a specific dollar amount or specific assets, such as securities, real estate, or personal property.

Residuary bequests are used to give all or a portion of the rest, residue, and remainder of your estate after payment of expenses and any specific amounts designated to other beneficiaries.

Including Union College in your will:

Specific amount or percentage of estate for restricted or unrestricted purpose:

I give, devise, and bequeath to Union College in the Town of Schenectady in the State of New York, an educational corporation, [the sum of $__________] OR [____ percent of the rest, residue, and remainder of my estate] to be used for ______________________ at Union College OR as an unrestricted gift to be used at the discretion of the Board of Trustees of Union College for its general purposes.

Specific amount or percentage of estate for specific purpose with an endowment provision:

I give, devise, and bequeath to Union College in the town of Schenectady in the State of New York, an educational corporation, [the sum of $_________] OR [_____ percent of the rest, residue, and remainder of my estate to establish an endowment fund to be known as the __________________________ ENDOWED FUND. The earnings distribution therefrom is
to be used for ______________________________________________________________.

Specific amount or percentage of estate for scholarship:

I give, devise, and bequeath to Union College in the Town of Schenectady in the State of New York, an educational corporation, [the sum of $_________] OR [_____ percent of the rest, residue, and remainder of my estate] to establish the _________________________________ SCHOLARSHIP. The earnings distribution therefrom is to be used for financial aid for students enrolled at Union College.

Note: If a specific use is indicated, the addition of the following language will ensure that the bequest always remains productive:

“If changed circumstances should at some future time make it impractical to continue using the earnings distribution from the Fund for the purpose designated, then the Union College Board of Trustees may redesignate the purpose for which the Fund’s earnings distribution may be used, giving consideration to any special interest as evidenced by the purpose described above.”

Quick Tips:

Union’s proper corporate name is: “The Trustees of Union College in the Town of Schenectady in the State of New York”

The College’s tax identification number is: 14-1338580

 

Back

© Pentera, Inc. Planned giving content. All rights reserved.