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Bequest Language

Suggested Bequest Language

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A bequest is simple and convenient. 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 use their will to establish new endowments that honor the memory of a family member or another loved one. These endowments live forever since only the earnings distribution is used annually. Since 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. If the gift is a residuary gift of less than the entire residue, the person drafting your will needs to specifically state whether the gift is before payment of death taxes or after. There are many instances in which there is no mention of how to calculate the percentage, and then court guidance becomes necessary.

Including Ursinus College in your will

The following includes several examples of suggested bequest wording to benefit Ursinus College. Our Federal ID# is 23-1177930.

Each individual situation is unique, and therefore these examples include only some of the possible gift opportunities. We encourage you to share your final will provision with Ursinus College to ensure that your wishes will be properly followed and recognized.

Percentage of estate for unrestricted purposes "I give, devise, and bequeath to the Board of Trustees of Ursinus College in the City of Collegeville, in the Commonwealth of Pennsylvania, an educational corporation, _____ percent (%) of the rest, residue, and remainder of my estate as an unrestricted gift to be used at the discretion of the Board of Trustees of Ursinus College for the general purposes of Ursinus College, located in Collegeville, Pennsylvania."

Percentage of estate for specific purposes with an endowment provision Contact the Advancement Office for details, as specific guidelines and minimums apply.

Specific amount for unrestricted purposes "I give, devise, and bequeath to the Board of Trustees of Ursinus College in the City of Collegeville, in the Commonwealth of Pennsylvania, an educational corporation, the sum of $_______ in cash or in-kind (or ________ shares of ________ stock or other security) to be used at the discretion of the Board of Trustees of Ursinus College for the general purposes of Ursinus College and its related entities."

Specific amount for specific purposes "I give, devise, and bequeath to the Board of Trustees of Ursinus College in the City of Collegeville, in the Commonwealth of Pennsylvania, an educational corporation, the sum of $_______ in cash or in-kind (or ________ shares of ________ stock or other security) to be used for ________________________________________________________________ _________________________________ at Ursinus College. 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 Ursinus College Board of Trustees may re-designate the purpose to adhere as closely as possible to my original intent."

To assist you with your plans, Ursinus College can provide sample language for the program or area you wish to support. This confidential service is available to you without obligation.

Designating the purpose of a bequest:

Unrestricted: The most useful type of bequest is unrestricted, allowing the funds to be allocated by the Board of Trustees of Ursinus College wherever the need is greatest.

Restricted: You may designate your bequest to support a special program or purpose that reflects your personal or professional interest (for example: scholarships, faculty research and development, or library acquisitions).

If the bequest is restricted to a specific purpose, it is important that the following wording be added at the end of the provision. This will ensure that, in the remote possibility a field of study or specified purpose may cease to need funds in the future, an alternate use for the bequest may be determined.

“... for so long as the Board of Trustees of Ursinus College determines that the need exists. Should the need no longer exist, said Board of Trustees may, in its sole discretion, direct the use of my bequest for a purpose related as closely as possible to that stated above.”

 

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