Provisions for a planned gift investment may be made in the form of a bequest or devised through a properly executed last will and testament. The following information provides samples of the type of language used for: The Specific Bequest, The Residuary Bequest to Establish an Endowment Fund, The Contingent Bequest, and The Codicil format. If you are considering a charitable bequest, we suggest that you give the following to your attorney for review.
There are no income tax benefits from a bequest. A bequest DOES qualify for a federal estate tax charitable deduction. The following language may be helpful to you and your advisor in planning a bequest to Illinois Wesleyan University:
The Specific Bequest
"I give and bequeath (the sum or description of property to be given) to Illinois Wesleyan University, Bloomington, Illinois, an Illinois not-for-profit corporation, for its general educational and charitable purposes."
The Residuary Bequest
"The residue of my estate shall be distributed as follows:
A. ___% to Illinois Wesleyan University, Bloomington, Illinois, an Illinois not-for-profit corporation, to be held as a permanent fund constituting part of its general endowment funds to be known as the (Donor’s Name) Endowment Fund. Net income from the fund, as determined under applicable University policy, and after deducting any expenses incurred in the protection and administration of the fund is to be used first, for (purpose), and second, for unrestricted needs as determined by the Board of Trustees for programs and activities to help improve the institution in its effort to better serve our society.
The University shall invest and reinvest the principal of the said fund in its unlimited discretion, free from any restrictions now or hereafter imposed by law upon the investment of endowment funds, and such investment may be made independently of or in common with other funds of like character provided that the identity of the fund shall be preserved at all times.
B. ___% to (others) .
C. ___% to (others) .
The Contingent Bequest
"In the event that (my spouse or my children) shall not survive me, then I give and bequeath (the sum or description of property) to Illinois Wesleyan University, Bloomington, Illinois, an Illinois not-for-profit corporation, for its general educational and charitable purposes."
CODICIL (For a Bequest to the Endowment Fund of IWU)
I, ___, do hereby publish this as and for a Codicil to my last Will and Testament dated the day of ___, 20___ . Anything to the contrary in my aforesaid last Will and Testament notwithstanding, I hereby devise and bequeath to Illinois Wesleyan University, a not-for-profit corporation duly organized and existing under the laws of the State of Illinois with location in Bloomington, Illinois or its legal successor thereto, (Insert here sum of money, portion of estate, description of property, or the rest, residue and remainder of my estate) which shall be held as a permanent fund constituting part of its general endowment funds for the establishment of the (Donor’s Name) Endowment Fund. The net income from the fund, as determined under applicable University policy, shall be used (first for the (purpose) and, secondly,) for the University’s general educational and charitable purposes. In all other ways I do hereby ratify and confirm my last Will and Testament as heretofore published.
In witness whereof, I have hereunto set my hand and seal this
______________day of ___________________, 20___.
Signed, sealed, and published by the Testator in the presence of each of us, and at the same time declared and acknowledged by him to be a Codicil to his last Will and Testament, and thereupon we, at the request of the said Testator and in his presence and in the presence of each other, have hereunto subscribed our names as witnesses thereof believing said testator to be of sound mind and memory.
Name and Address of each witness
With proper planning a beneficiary designation or a specific bequest of the right to receive the sources of IRD to a charitable institution like Illinois Wesleyan may entitle the estate to two deductions. A sample specific bequest clause follows:
Sample Specific Bequest Clause to make Illinois Wesleyan University the Direct Legatee of the Right to the Income In Respect of a Decedent (IRD)*
"To Illinois Wesleyan University, Bloomington, Illinois, the right to receive three sources of income in respect of a decedent (IRD)
a. from my unreported regular IRA account,
b. from my company pension program, and
c. from the United States Series "E" and "EE" Bonds that I may still own at my death.
If these IRD items are not part of my estate at my death or not valued at $100,000 or more, then I direct my personal representative to pay the amount necessary to provide a total value of at least $100,000 to Illinois Wesleyan University, Bloomington, Illinois, out of other assets."
For more information on planned giving, contact the Development Office.