bequest language

A charitable bequest may take any of several forms. Following are some examples, with corresponding sample language.

A general bequest is a gift payable out of the general assets of your estate.

"I give to St. Luke School, EIN # 91-1679678 located at 17533 St. Luke Place North, Shoreline, Washington, 98133, an amount equal to (X percent or X dollars) of my adjusted gross estate, to be used for the benefit of said School in such a manner as the Principal of the School may direct."

 

A residuary bequest is a gift of the rest of your estate remaining after all debts, taxes, expenses, and other bequests have been paid. "I give to St. Luke School, EIN # 91-1679678 located at 17533 St. Luke Place North, Shoreline, Washington, 98133, the rest, residue and remainder of my estate, to be used for the benefit of said School in such a manner as the Principal of the School may direct."

A contingent bequest takes effect only upon the occurrence or non-occurrence of a particular event. "In the event my wife/husband does not survive me, I give the sum of $ XXXXX to St. Luke School, EIN # 91-1679678 located at 17533 St. Luke Place North, Shoreline, Washington, 98133, to be used for the benefit of said School in such a manner as the Principal may direct."

A bequest of personal property is a gift of personal property and household contents. "I give to St. Luke School, EIN # 91-1679678 located at 17533 St. Luke Place North, Shoreline, Washington, 98133, all of my personal property, whether for personal or household use or otherwise, to be used for the benefit of St. Luke School."

A specific bequest is a gift of a specific dollar amount or a particular asset. "I give to St. Luke School, EIN # 91-1679678 located at 17533 St. Luke Place North, Shoreline, Washington, 98133, $XXXXX, to be used for the benefit of said School in such a manner as the Principal of the school may direct."

A restricted bequest is used to support a particular program or area of interest. For any restricted bequest, it is important that you or your legal advisor discuss your plans with the principal of St. Luke School before your estate plan is completed.

"I give to St. Luke School, EIN # 91-1679678 located at 17533 St. Luke Place North, Shoreline, Washington, 98133, (insert sum or description of property) to be used for (describe the primary purpose, using general language so that the restriction is not so limited as to prevent the School from applying the gift in the most efficient way.) If it is determined by the Principal of St. Luke School that all or part of the gift is no longer needed, or for any reason cannot be used for the stated purpose, then such portion of the gift may be used for other related purposes, which the Principal of St. Luke School deems to be in the best interests of the School, giving consideration to the original purposes described above."

An endowed fund that is separately managed and restricted. You may establish a fund that bears your family name, the names of you and your spouse, or another name of your choosing. It is hoped that eventually the named endowment would yield enough to cover half of a yearly tuition figure. The distribution from our endowment funds is based on the following formula:

  • In any fiscal year the target spending rate for the Fund shall be 5% of the total asset value of the Endowment as of the close of the most recent fiscal year. The spending rate shall have a floor of 4% and a ceiling of 5.5%.

  • For any restricted endowment, it is important that you or your legal advisor discuss your plans with the Endowment for St. Luke School before your estate plan is completed.

"I give to the Endowment for St. Luke School, EIN #91-1679678, located at 17533 St. Luke Place North, Shoreline, Washington, 98133, $XXXXX (indicate the amount or the property to be given) to establish the John Doe Endowed Fund within the Endowment for St. Luke School investment funds. The income distributed from this endowment shall be used for (state purpose or area of interest). If it is determined by the Board of Directors of the Endowment that all or part of the gift is no longer needed, then the income from the fund may be used for other purposes, which the Board of Directors deems to be in the best interests of the Endowment, giving consideration to the original purposes described above."

 

The purpose of this document is to provide information of a general character only. The Endowment for St. Luke School is in no way dispensing legal or financial advice or counsel. Laws vary widely, therefore the services of an attorney or other professional advisor should be obtained before completing your gift.

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17533 St Luke Place North

Shoreline, WA 98133

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