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Unrestricted
Bequests
Unrestricted bequests are placed in the endowment to provide opportunities
for future generations of Berea College students. While you should
consult your attorney about the precise legal requirements necessary
under your state’s laws, here are some suggestions for language
you and your attorney might include in your Will or Trust:
I hereby give, devise, and bequeath to Berea College, located
in Berea, Kentucky, (the sum of $___) or (___ percent of my
estate) or (specific items of property) or (the rest, residue,
and remainder
of my estate). This gift may be used to further the educational
objectives of Berea College in such a manner as the Board of
Trustees of the College may direct.
Designating a percentage of the residue of your estate (the part
left over after specific bequests are made) has the benefit of
allowing you to allocate appropriate fractions of your estate in
advance while allowing for changes in the overall size of your
estate. This can help simplify your future planning by making it
unnecessary to change your Will or Trust if during your lifetime it becomes
necessary to dispose of certain property specifically mentioned
in your estate plans.
Gifts for Specific Purpose
If you have a special interest in a specific program or need at Berea College—such
as scholarships, labor grants, the library, or an academic department—you
can modify the language in your Will or Trust to direct the College in your wishes.
Restricted bequests must be phrased more carefully to ensure their purposes
are achieved, so it is important that you or your attorney consult the Office
of Gift Planning in advance to discuss the particular designation you have
in mind. Because the passage of time may cause some of the College’s
needs to change, we also recommend that any such restrictions be stated broadly
or with alternatives to allow for changes that cannot be anticipated. Suggested
language you and your attorney might use:
Gift for Specific Purpose - Restricted
I hereby give, devise, and bequeath to Berea College, located
in Berea, Kentucky, (the sum of $___) or (___ percent of my estate)
or (specific items of property) or (the rest, residue, and remainder
of my estate) to be added to its endowment, and the net income
from which shall be used for (insert designation).
Gift for Specific Purpose - Discretionary
I hereby give, devise, and bequeath to Berea College, located
in Berea, Kentucky, (the sum of $___) or (___ percent of my estate)
or (specific items of property) or (the rest, residue, and remainder
of my estate) to be added to its endowment, and the net income
from which shall be used for (insert designation). If in the
opinion of the College’s Board of Trustees the purposes
of the College would be better served by using the income or
principal, or both, for the College’s general purposes,
the income or principal, or both, may so be used.
Other Options for Your Will
Your Will can also allocate assets to a trust, which provides income
to a beneficiary for that individual’s lifetime, then distributes
the assets to Berea College.
Using a Codicil to Modify Your Will
Without drawing up a new Will, you can make a charitable bequest to Berea simply by adding a codicil (a supplement or an addition) to an existing Will. It is always advisable to discuss changes or additions to your Will or Trust with your legal advisor to ensure all requirements under your state’s laws are met.
Additional Bequest Examples
The following examples provide illustrative language for you and your attorney to consider when drafting your estate plans. The provisions in your Will or Trust for making a gift to Berea College will depend upon the type of gift, state law, and your unique circumstances.
Items that are [bracketed] are to be modified
by you and your attorney.
Specific Legacy
I bequeath my [art collection], consisting of [paintings and sculptures],
to Berea College, Berea, Kentucky.
Gift of Residuary Estate
I devise and bequeath the residue of the property owned by me at
my death, real and personal and wherever situate, to Berea College,
Berea, Kentucky, for its general purposes.
Contingent Gift of Residuary Estate
I devise and bequeath the residue of the property owned by me at
my death, real and personal and wherever situate, to [my wife/husband],
if [she/he] survives me. If my [my wife/husband], does not survive
me, I devise and bequeath my residuary estate to Berea College,
Berea, Kentucky, for its general purposes.
Amount of Gift Dependent on Size of Estate
I bequeath the sum of [________Dollars ($_________)] or [____%]
of my adjusted gross estate as finally determined for federal
estate tax purposes, whichever is the lesser, to Berea College,
Berea, Kentucky, for its general purposes.
Direction that Gift to Berea College be Free of Taxes
I direct that no estate or inheritance taxes be paid from the share
of any property devised or bequeathed to Berea College.
Provision Providing for Payment of Binding Pledge as a Debt
I direct my executor to pay, as a debt of my estate, to Berea College,
Berea, Kentucky, any balance which is due or will become due
under the terms of any pledge or pledges made by me during my
lifetime.
Provision Providing for Payment of Non-Binding Pledge as a Bequest
On [date of revocable pledge] I made a revocable pledge (not binding
upon my estate) to Berea College of [________Dollars ($_________)].
I bequeath the sum of [________Dollars ($_________)] minus the
amount of any charitable gifts I may have made to Berea College
from [date of revocable pledge] until the date of my death.
Note: The donor should keep records to enable his or her executor
to ascertain the amount of any outright gifts made to the charity
from the date of the pledge to the date of death.
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