Western Michigan University Foundation's Bequest Language
Leaving us a bequest in your will, living trust or with a codicil is an excellent way for you to not only support Western Michigan University Foundation'smission, but also ensure that more students at WMU can pursue their purpose and thrive.
Making a gift by bequest allows you to continue to use the property you?re leaving to charity during your lifetime; plus, you?re able to leave the Bronco Legacy you envision.
There are several ways you can make a bequest to Western Michigan University Foundation.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Western Michigan 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 Western Michigan University Foundation, we recommend the following language:
If you are considering making a bequest of a percentage of your estate to Western Michigan University Foundation, we recommend the following language:
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Western Michigan University Foundation flexibility should it no longer be possible for Western Michigan University Foundation to use your gift as you originally intended:
Making a gift by bequest allows you to continue to use the property you?re leaving to charity during your lifetime; plus, you?re able to leave the Bronco Legacy you envision.
Types of bequests
There are several ways you can make a bequest to Western Michigan University Foundation.
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 $10,000 to Western Michigan University Foundation.
Percentage Bequest. This type of bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Western Michigan 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 30% of the residue of your estate to Western Michigan 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 Western Michigan University Foundation.
Percentage Bequest. This type of bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Western Michigan 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 30% of the residue of your estate to Western Michigan 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 Western Michigan University Foundation.
Bequest benefits
A bequest is generally a revocable gift. That 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 loved ones.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Western Michigan 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 Western Michigan 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 Western Michigan University Foundation, a nonprofit organization located at 1903 W. Michigan Ave., Kalamazoo, MI, 49008, Federal Tax ID #38-2138856, for Western Michigan University Foundation's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Western Michigan University Foundation, a nonprofit organization located at 1903 W. Michigan Ave., Kalamazoo, MI, 49008, Federal Tax ID #38-2138856, for Western Michigan 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 Western Michigan University Foundation, a nonprofit organization located at 1903 W. Michigan Ave., Kalamazoo, MI, 49008, Federal Tax ID #38-2138856, for Western Michigan University Foundation's general use and purpose.
2. Percentage BequestI hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Western Michigan University Foundation, a nonprofit organization located at 1903 W. Michigan Ave., Kalamazoo, MI, 49008, Federal Tax ID #38-2138856, for Western Michigan University Foundation's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Western Michigan University Foundation, a nonprofit organization located at 1903 W. Michigan Ave., Kalamazoo, MI, 49008, Federal Tax ID #38-2138856, for Western Michigan 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 Western Michigan University Foundation, a nonprofit organization located at 1903 W. Michigan Ave., Kalamazoo, MI, 49008, Federal Tax ID #38-2138856, for Western Michigan University Foundation's general use and purpose.
If you are considering making a bequest of a percentage of your estate to Western Michigan 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 Western Michigan University Foundation, a nonprofit organization located at 1903 W. Michigan Ave., Kalamazoo, MI, 49008, Federal Tax ID #38-2138856, for Western Michigan University Foundation's general use and purpose.
3. Residual Bequest
I hereby give, devise and bequeath to Western Michigan University Foundation, a nonprofit organization located at 1903 W. Michigan Ave., Kalamazoo, MI, 49008, Federal Tax ID #38-2138856, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Western Michigan University Foundation's general use and purpose.
4. Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Western Michigan University Foundation, a nonprofit organization located at 1903 W. Michigan Ave., Kalamazoo, MI, 49008, Federal Tax ID #38-2138856, DESCRIPTION OF PROPERTY to be used for Western Michigan University Foundation's general use and purpose.
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Western Michigan University Foundation flexibility should it no longer be possible for Western Michigan University Foundation to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Western Michigan University Foundation, it shall become impossible for Western Michigan University Foundation to use this bequest to accomplish the specific purposes of this bequest, Western Michigan 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
Questions about leaving a bequest? Please contact us and we'd be happy to answer them.
If you've already arranged for a bequest to Western Michigan University Foundation through your estate plan, thank you! Be sure to let us know about your gift, so we can recognize you and your family for your generosity and welcome you to our 1903 Society .
