Bequest Language

Printable Bequest Language

PLANNED GIVING

HOW TO LEAVE A BEQUEST TO BRADLEY UNIVERSITY

An excellent way for you to support Bradley University's mission is to leave us a bequest in your will or living trust. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.

BEQUEST BENEFITS

A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general (unrestricted) or specific (restricted) purpose, so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate-tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.

BEQUEST LANGUAGE

Testamentary gifts made by a provision in your will or revocable living trust may be for a stated sum of money OR a percentage of the residue of an individual's estate. A specific bequest of a described piece of property may also be made. Bequest language incorporated into a will or trust specifies how a testamentary gift is to benefit Bradley University. Although unrestricted bequests are encouraged because they can be used at the time they are received, bequests designated for a particular purpose also are possible and greatly appreciated.

In order to make a bequest, you should speak with your attorney. He or she can help you include a bequest to Bradley University in your estate plan. We have provided some basic bequest language to assist you and your attorney.

SAMPLE BEQUEST PROVISIONS (For review by your attorney)

Unrestricted Bequest of a Specific Dollar Amount

I hereby give and bequeath the sum of _______________ dollars to Bradley University, an Illinois nonprofit corporation, located in Peoria, Illinois 61625, Federal Tax ID #37-0661494, for Bradley University's general use and purpose.

Bequest of Specific Personal Property

I hereby give and bequeath DESCRIPTION OF PROPERTY to Bradley University, an Illinois nonprofit corporation, located in Peoria, Illinois 61625, Federal Tax ID #37-0661494, for Bradley University's general use and purpose.

Bequest of Specific Real Estate

I hereby give and bequeath off of the right, title, and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Bradley University, an Illinois nonprofit corporation, located in Peoria, Illinois 61625, Federal Tax ID #37-0661494, for Bradley University's general use and purpose.

Unrestricted Bequest for a Percentage of an Estate

I hereby give and bequeath _____ percent (_____%) of my total estate, determined as of the date of my death, to Bradley University, an Illinois nonprofit corporation, located in Peoria, Illinois 61625, Federal Tax ID #37-0661494, for Bradley University's general use and purpose.

Unrestricted Residual Bequest

I hereby give and bequeath ALL OR A PERCENTAGE of the rest, residue, and remainder of my estate, after payment of all claims, expenses of administration, taxes, and prior bequests, if any, to Bradley University, an Illinois nonprofit corporation, located in Peoria, Illinois 61625, Federal Tax ID #37-0661494, for Bradley University's general use and purpose.

Contingent Bequest

If (PRIMARY BENEFICIARY) does not survive me, then I hereby give and bequeath DESCRIPTION OF PROPERTY to Bradley University, an Illinois nonprofit corporation, located in Peoria, Illinois 61625, Federal Tax ID #37-0661494, for Bradley University's general use and purpose.

Restricted Bequest

I hereby give and bequeath (_____% of the residue of my estate) or (the sum of ________ dollars) or (the following described property: ____________________________) to Bradley University, an Illinois nonprofit corporation, located in Peoria, Illinois 61625, Federal Tax ID #37-0661494, to be used for _______________________________________________ (state particular college, department, program, or other purpose). However, if the (specific program) at Bradley University ceases to exist, this bequest and any income and appreciation from it may be used for the general purposes of Bradley University as determined by the Board of Trustees.

Endowment Bequest

I hereby give and bequeath (_____% of the residue of my estate) or (the sum of ________ dollars) or (the following described property: ____________________________) to Bradley University, an Illinois nonprofit corporation, located in Peoria, Illinois 61625, Federal Tax ID #37-0661494, to establish the ________________________ Fund for the purpose of (_________________________________). The Fund is to be invested for total return, appreciation plus income, with annual distributions of income and appreciation as determined by the Board of Trustees of Bradley University. However, if the (specific purpose or program mentioned above) ceases to exist at Bradley University, the fund may be used for the general purposes of Bradley University.

Endowed Scholarship Bequest

I hereby give and bequeath (_____% of the residue of my estate) or (the sum of ________ dollars) or (the following described property: ____________________________) to Bradley University, an Illinois nonprofit corporation, located in Peoria, Illinois 61625, Federal Tax ID #37-0661494, to establish the ________________________________ Endowed Scholarship for the purpose of providing financial aid to students attending Bradley University. The Endowed Scholarship is to be invested for total return, appreciation plus income, with annual distributions of income and appreciation for the provision of such financial aid as determined by the Board of Trustees of Bradley University. However, if the (specific program) at Bradley University ceases to exist, the income and appreciation may be used to provide financial aid for students attending other programs at Bradley University.