BEQUESTS

Read the WARNING! first.

The simplest way to make a future gift is through a "bequest" in your Will. A "bequest" is a gift made in a Will. The first step toward making this type of gift is the creation of a valid Will.

No one should be without a Will, regardless of age or size of estate. A Will is the cornerstone of sound estate planning. More importantly, it is the only way to ensure that people and charities you hold dear will be supported after your death.

For this reason, and many others, your Will should be prepared by a competent attorney. Once prepared and signed, it should be reviewed and updated periodically to reflect changing circumstances and concerns. Your Will should be reviewed every five years, when there is a change in domicile, or when there is a birth, death, marriage or divorce in your immediate family.

A bequest for the benefit of an organization can be included in the body of your will or added by an amendment, called a "codicil". To name an organization as the beneficiary, you should use its proper legal name. This name may be different from the name by which you know the institution. You also may describe a specific purpose for the use of your bequest. Bequests may be made to an organization in several ways:

General Bequests

A general bequest is one of the most popular ways to make a gift by Will. You simply leave the beneficiary a specified dollar amount.

I give the sum of $_______ Prescott College, Inc., an Arizona corporation, 220 Grove Avenue, Prescott, Arizona 86301, for its general educational purposes.

Specific Bequests

With this type of bequest, you designate that the beneficiary receive a specific asset from your estate such as stocks, bonds, mutual fund shares, real estate, or personal property (such as works of art or antiques).

I give _______ (insert a description of the asset here) to Prescott College, Inc., an Arizona corporation, 220 Grove Avenue, Prescott, Arizona 86301, for its general educational purposes.

Residuary Bequests

A residuary bequest directs that all of the rest, residue and remainder of your estate, or a percentage of the residue, of your estate is paid to the beneficiary after all debts, taxes, expenses, and all other bequests have been paid.

I give the rest of the property I own at my death to Prescott College, Inc., an Arizona corporation, 220 Grove Avenue, Prescott, Arizona 86301, to be used for its general educational purposes.

Percentage Bequests

A percentage bequest is one in which you leave a percentage of your estate or of the residuary of your estate.

I give __% of my estate to Prescott College, Inc., an Arizona corporation, 220 Grove Avenue, Prescott, Arizona 86301, for its general educational purposes.

Contingent Bequests

A contingent bequest is one in which you name the beneficiary to receive all or some of your estate if your primary heirs predecease you. You might do this to protect your estate from litigation or from ultimate distribution to the state or to unintended beneficiaries.

If _____________ (insert the name of your heir) predecease me or disclaims any interest in ____________ (describe the asset or portion of your estate here), I give such property to Prescott College, Inc., an Arizona corporation, 220 Grove Avenue, Prescott, Arizona 86301, for its general educational purposes.

Restricted Bequests

All of the forms listed above provide for an unrestricted gift to the beneficiary ("for its general educational purposes"). You may wish to restrict your bequest to a specific purpose (for example, to honor a family member or a colleague, or to establish a named fund to support a program in which you have a particular interest).

I give $ _____________ (insert dollar amount or asset here) to Prescott College, Inc., an Arizona corporation, 220 Grove Avenue, Prescott, Arizona 86301. This gift shall be held in a permanent endowment fund to be known as the ____________ (insert your desired fund name here) Fund, income only from which may be used to support _____________ (insert tax-exempt purpose for which the gift is to be made).

When you make a restricted bequest, it may be helpful if you make the restriction as broad as possible so that your fund will continue to serve the needs of the beneficiary in the future. Adding the following words may help this endeavor.

If, in the future, it becomes impractical or impossible to use the income from this fund as set forth above, the Board of Trustees of Prescott College may allocate the principal and/or income as they judge best, provided that it is consistent with the general intent of this gift.

Back to Planned Giving

For assistance with a bequest, contact us.