SAMPLE BEQUEST LANGUAGE:
In addition to being one of the simplest ways to distribute your estate, your will can be a superb vehicle through which to make charitable gifts to the university. McMurry University can be named as a beneficiary through a will or trust.
The following are types and examples of Bequests:
Specific Bequest: A specific bequest is another way to make a charitable gift by will. With this bequest, you simply specify a dollar amount or a specific item of property.
Residuary Bequest: A residuary bequest is used to give a portion of the estate property after all debts, taxes, expenses, and all other bequests have been paid.
Contingent Bequest: When writing a will, it is important to include provisions for the distribution of your property in the event that a beneficiary dies prior to your death, or a beneficiary disclaims the property. In anticipation of such an event, the University could be named as the alternate or contingent beneficiary.
Restricted Bequest: In the bequest provisions mentioned above, the language "to be used for its exempt purposes" is a general and unrestricted statement. If you have more specific purposes in mind, you should identify them more clearly. For example, if you wish to memorialize a family member or an honored colleague, you could establish a named fund (subject to required minimums) that will provide support for a program in which you or the named person have had a particular interest.
If you plan to create such an endowment through your will, it is best to work with the Office of Development to draft a memorandum of understanding or other agreement that specifies in writing how your bequest will be used. This document will then be available upon the actual receipt of funds to ensure that your wishes are known and carried out.
QUESTIONS? CALL THE OFFICE OF DEVELOPMENT AT (325) 793-3800 OR EMAIL [email protected].
The following are types and examples of Bequests:
Specific Bequest: A specific bequest is another way to make a charitable gift by will. With this bequest, you simply specify a dollar amount or a specific item of property.
For Example: I give (insert dollar amount or specific property) to McMurry University, a nonprofit corporation qualified under Section 501 (c)(3) of the Internal Revenue Code, operating in Abilene, Texas - to be used for its exempt purposes.
Residuary Bequest: A residuary bequest is used to give a portion of the estate property after all debts, taxes, expenses, and all other bequests have been paid.
Example: I give the rest or residue of my estate (or a stated percentage of the estate) to McMurry University, a nonprofit corporation qualified under Section 501 (c)(3) of the Internal Revenue Code, operating in Abilene, Texas - to be used for its exempt purposes.
Contingent Bequest: When writing a will, it is important to include provisions for the distribution of your property in the event that a beneficiary dies prior to your death, or a beneficiary disclaims the property. In anticipation of such an event, the University could be named as the alternate or contingent beneficiary.
Example: If (name of beneficiary) predeceases me or disclaims any interest in (describe property), I give such property to McMurry University, a nonprofit corporation qualified under Section 501 (c)(3) of the Internal Revenue Code, operating in Abilene, Texas - to be used for its exempt purposes.
Restricted Bequest: In the bequest provisions mentioned above, the language "to be used for its exempt purposes" is a general and unrestricted statement. If you have more specific purposes in mind, you should identify them more clearly. For example, if you wish to memorialize a family member or an honored colleague, you could establish a named fund (subject to required minimums) that will provide support for a program in which you or the named person have had a particular interest.
Example: I give (insert dollar amount or specific property) to McMurry University, a nonprofit corporation qualified under Section 501 (c)(3) of the Internal Revenue Code, operating in Abilene, Texas. This gift will be held as a permanent endowment to be known as the (insert name) Endowed Fund, to be administered in accordance with McMurry University's endowment policies for the benefit of (insert the university school, program or purpose for which the gift is to be used).
If you plan to create such an endowment through your will, it is best to work with the Office of Development to draft a memorandum of understanding or other agreement that specifies in writing how your bequest will be used. This document will then be available upon the actual receipt of funds to ensure that your wishes are known and carried out.
QUESTIONS? CALL THE OFFICE OF DEVELOPMENT AT (325) 793-3800 OR EMAIL [email protected].