A gift by will or living trust, also known as bequest, is one of the easiest gifts to make. You can create it in any dollar amount, gift specific property or designate a percentage of your estate.
But what if you don't have one?
Don't worry, you are not alone. Most Americans don't have a will.
If you die without a will or living trust, the laws of your state will decide how your estate is divided up. Typically, this means your estate will be divided up among your closest surviving family members according to a formula, and none of your estate will go to Stevenson or any other charity. If you wish to have a say in how your estate is distributed, you must have a will. We encourage you to work with an experienced attorney to create a will that accomplishes your goals for your estate.
Ways you can define a charitable gift in your estate plan
There are several ways that you can define the amount of your charitable gift to Stevenson. They are:
- A gift of a particular amount of money. For example, you give $25,000.
- A gift of a specific item or items. For example, you give 1,000 shares of ABC Corporation.
- A gift that will be made only if one or more conditions are met. For example, you give $25,000 provided we still offer a particular program or service.
- A gift that will be made from the remainder of your estate once all other bequests, debts and taxes have been paid. For example, you give 25% of the remainder of your estate.
Often called a "residuary bequest," this approach assures that your family will be taken care of before your estate makes a bequest to us.
Ways to specify how we may use your bequest
You have several options for telling Stevenson how we may use your bequest once we receive it. They are:
- An unrestricted bequest – This is a gift for our general purposes. This can be the most useful kind of gift because it allows us to put your gift to the best possible use at the time we receive it.
- A restricted bequest – This is a gift for a specific use, such as a special project or program that is important to you. It is best for you to consult with us before placing restrictions your bequest to be sure we can carry out your wishes.
- An endowed bequest – This is a gift where our organization invests your donation along with the rest of our endowment. We distribute these funds in accordance with our endowment spending policy. This approach assures that your gift will continue to benefit us long after you're gone. An endowed bequest can be restricted or unrestricted.
- An honorary bequest – This is a gift made in honor of someone else. Any form of bequest can also be an honorary bequest. We would be pleased to recognize the people you wish to honor with your gift.
Make sure we can carry out your wishes
It is very important that your bequest be accurately and clearly described in your estate plan so that we can carry out your wishes as you intended. We are pleased to consult with you regarding the terms of your bequest to make sure that we will be able to carry out your intentions. In order to avoid any possible question that your bequest is to our organization, be sure to include our full legal name in your bequest.
Legal name: Stevenson University
We are happy to provide you with sample bequest language to assist you and your attorney. Keep in mind, you have complete flexibility to change your bequest at any time. If circumstances change in a way that makes you want to revise your gift to us, you can.