Bequest Language
The following sample bequest provisions will assist you and your attorney in drafting the language of your bequest.
For unrestricted current purposes:
"I, [name], of [city, state, ZIP], give, devise, and bequeath to Aurora University and George Williams College (insert sum, property description, or estate distribution percentage) which shall be used in support of the greatest needs of Aurora University and George Williams College as determined by the Board of Trustees."
For restricted current purposes:
"I, [name], of [city, state, ZIP], give, devise and bequeath to Aurora University and George Williams College (insert sum, property description, or estate distribution percentage) which shall be used solely for (insert specific purpose and include requirements, criteria, etc. which must be met by recipients/users of the bequest)."
For the general endowment:
"I, [name], of [city, state, ZIP], give, devise, and bequeath to Aurora University and George Williams College, (insert sum, property description, or estate distribution percentage) which shall be added to the Aurora University and George Williams College general endowment fund, with the principal invested and the income distributed annually for meeting the greatest needs of Aurora University and George Williams College as determined by the Board of Trustees."
For a restricted named endowment fund (minimum $25,000):
"I, [name], of [city, state, ZIP], give, devise, and bequeath to Aurora University and George Williams College, (insert sum, property description, or estate distribution percentage) which shall be used to establish the (insert name) Fund at Aurora University and George Williams College. The (insert name) Fund shall be held as an endowment, with the principal invested and the income distributed solely for (insert specific purpose and include requirements, criteria, etc. which must be met by recipients/users of the income)."
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.