Eastern Washington University Foundation's Bequest Language
With a little planning, you can create a lasting legacy that will serve Eastern students for generations to come! A bequest is revocable and allows you to continue to use the property or funds during your lifetime.
There are a number of ways you can make a bequest to Eastern Washington University Foundation. With a little thought, you can create a legacy that will serve Eastern students for generations to come!
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Eastern Washington University Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Eastern Washington University Foundation, we recommend the following language:
If you are considering making a bequest of a percentage of your estate to Eastern Washington University Foundation, we recommend the following language:
For contingency bequests, we recommend the following language:
If your bequest is for a restricted purpose, we recommend that you include the following language, in the event it is no longer be possible for Eastern Washington University Foundation to use your gift as you originally intended:
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Eastern Washington University Foundation flexibility should it no longer be possible for Eastern Washington University Foundation to use your gift as you originally intended:
If you are considering a bequest as part of your plans, please let us know! We will work with you to identify the program or area you wish to support and ensure your documents properly state your intentions. Please contact us about your bequest intentions or for more information. Your bequest commitment could inspire others to include Eastern in their plans as well.
Types of Bequests
There are a number of ways you can make a bequest to Eastern Washington University Foundation. With a little thought, you can create a legacy that will serve Eastern students for generations to come!
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $100,000 to Eastern Washington University Foundation.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 25% of your estate to Eastern Washington University Foundation.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 100% of the residue of your estate to Eastern Washington University Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property—such as a vacation home—to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Eastern Washington University Foundation.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 25% of your estate to Eastern Washington University Foundation.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 100% of the residue of your estate to Eastern Washington University Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property—such as a vacation home—to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Eastern Washington University Foundation.
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 or specific 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
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Eastern Washington University Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Eastern Washington University Foundation, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Eastern Washington University Foundation, a nonprofit organization located at 102 Hargreaves Hall, 616 Study Ln, Cheney, WA, 99004, Federal Tax ID #91-1019819, for Eastern Washington University Foundation's general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Eastern Washington University Foundation, a nonprofit organization located at 102 Hargreaves Hall, 616 Study Ln, Cheney, WA, 99004, Federal Tax ID #91-1019819, for Eastern Washington University Foundation's general use and purpose.
2. Percentage BequestI hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Eastern Washington University Foundation, a nonprofit organization located at 102 Hargreaves Hall, 616 Study Ln, Cheney, WA, 99004, Federal Tax ID #91-1019819, for Eastern Washington University Foundation's general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Eastern Washington University Foundation, a nonprofit organization located at 102 Hargreaves Hall, 616 Study Ln, Cheney, WA, 99004, Federal Tax ID #91-1019819, for Eastern Washington University Foundation's general use and purpose.
If you are considering making a bequest of a percentage of your estate to Eastern Washington University Foundation, we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Eastern Washington University Foundation, a nonprofit organization located at 102 Hargreaves Hall, 616 Study Ln, Cheney, WA, 99004, Federal Tax ID #91-1019819, for Eastern Washington University Foundation's general use and purpose.
3. Residual Bequest
I hereby give, devise and bequeath to Eastern Washington University Foundation, a nonprofit organization located at 102 Hargreaves Hall, 616 Study Ln, Cheney, WA, 99004, Federal Tax ID #91-1019819, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Eastern Washington University Foundation's general use and purpose.
4. Contingent BequestFor contingency bequests, we recommend the following language:
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Eastern Washington University Foundation, a nonprofit organization located at 102 Hargreaves Hall, 616 Study Ln, Cheney, WA, 99004, Federal Tax ID #91-1019819, DESCRIPTION OF PROPERTY to be used for Eastern Washington University Foundation's general use and purpose.
Restricted Bequests
If your bequest is for a restricted purpose, we recommend that you include the following language, in the event it is no longer be possible for Eastern Washington University Foundation to use your gift as you originally intended:
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Eastern Washington University Foundation flexibility should it no longer be possible for Eastern Washington University Foundation to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Eastern Washington University Foundation, it shall become impossible for Eastern Washington University Foundation to use this bequest to accomplish the specific purposes of this bequest, Eastern Washington University Foundation may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Contact Us
If you are considering a bequest as part of your plans, please let us know! We will work with you to identify the program or area you wish to support and ensure your documents properly state your intentions. Please contact us about your bequest intentions or for more information. Your bequest commitment could inspire others to include Eastern in their plans as well.
