Gifts Through Bequest
A convenient way to make
an impact in the future.
Gifts Through a Bequest
A bequest is a gift provision in your will or revocable living trust. These kinds of gifts enable assets to be distributed to individuals and nonprofit organizations in the amounts or proportions you choose. All assets, including cash, securities, real estate, and tangible personal property, may be transferred to the Adler School at the end of your life.
- Ability to make a major gift while preserving your assets during your lifetime
- Flexibility – a bequest is not permanent and can be changed if your life circumstances change
- Potential reduction in taxes payable by your estate
- Opportunity to designate your gift to a specific program or interest you care about
- Ease of arrangement. It is simple for your attorney to incorporate gift language as a part of the drafting process
If you already have a will, your attorney can draft a simple amendment to your will, called a “codicil,” for a minimal charge. If you are considering a bequest, please provide our sample bequest language to your attorney.
Your bequest can be a specific amount, a specific asset, or a specific percentage of the remainder of your estate after all other obligations have been taken care of.
Types of Bequests
- General, for a certain dollar amount -- “the sum of $20,000”
- Specific, a particular asset -- “100 shares of XYZ stock”
- Residual, once other assets have been distributed -- “fifty percent of the rest, residue, and remainder of my estate”
- Contingent, only under certain conditions -- “in the event my spouse does not survive me”
In addition, your bequest can be used for different purposes:
- Unrestricted, allowing Adler to use your gift wherever the need is greatest.
- Designated, enabling you to support a particular program that you care about.
Things to Consider
Discuss your situation with your attorney. He or she can help you determine whether to make a bequest through a will, through a codicil to your existing will, or perhaps as a distribution from a living trust. If you have arranged a gift, please let us know. We would be honored to know of your gift. We would very much appreciate the opportunity to thank you and to make sure your wishes are appropriately fulfilled.