Bequest Language
Planning for the future and creating the legacy you wish to leave is one of the most effective ways to ensure a lasting impact. Making a gift in your will or living trust, known as a bequest, can guarantee that your legacy endures. Your gift may be a specific dollar amount, a percentage of your estate or the remainder after all other provisions are specified.
Below is suggested language to use when drafting your bequest.
An unrestricted gift is a gift that can be used where need is greatest. "I give to Rollins College, located at 1000 Holt Avenue, Winter Park, Florida 32789, with a Federal Tax ID number of 59-0624440, the sum of $_______ (or __% of my estate) to be used for its general purposes."
A gift for a specific purpose is a gift that is to be used for a purpose you designate. "I give to Rollins College, located at 1000 Holt Avenue, Winter Park, Florida 32789, with a Federal Tax ID number of 59-0624440, the sum of $_______ (or __% of my estate) to be used for (state purpose)."
An endowment fund is a gift that lasts in perpetuity. "I give to Rollins College, located at 1000 Holt Avenue, Winter Park, Florida 32789, with a Federal Tax ID number of 59-0624440, the sum of $_______ to be used as a permanent endowment, the income only from which shall be used for its general purposes (or describe the specific purpose, if desired)."
A residuary bequest leaves any remainder after all other bequests have been paid. "I hereby give, devise, and bequeath to Rollins College, located at 1000 Holt Avenue, Winter Park, Florida 32789, with a Federal Tax ID number of 59-0624440, all the rest, residue, and remainder of my estate to be used for general purposes (or describe the specific purpose, if desired)."
A contingency gift takes effect only if a primary intention can't be met. "If (name of beneficiary) does not survive me or shall die during the administration of my estate or as a result of a common disaster, then I give to Rollins College, located at 1000 Holt Avenue, Winter Park, Florida 32789, with a Federal Tax ID number of 59-0624440, all of the rest, residue, and remainder of my estate to be used for general purposes."
Language to include with all restricted gifts. "If at any time the Board of Trustees at Rollins College determines that it is no longer possible or reasonable to carry out the designated purpose, the Board of Trustees shall determine an alternative purpose as near as possible to the designated purpose."