Bequests and Codicils
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
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.