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Bequest language to benefit VCU

An excellent way for you to support Virginia Commonwealth University is to leave a gift in your will, a codicil to your will or a gift in your living trust. One significant benefit of making a gift by bequest is that you are able to continue to use the property you will leave to charity during your lifetime. Another benefit is that you can leave a lasting legacy.
 

Types of bequests


There are many ways you can make a gift in your will or living trust to benefit Virginia Commonwealth University.
 
Specific bequest. A specific bequest involves making a gift of a specific asset such as real estate, a collectible, or other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to benefit Virginia Commonwealth University*.

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 10 percent of your gross estate to benefit Virginia Commonwealth University*.

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 percent (more or less) of the residue of your estate to benefit Virginia Commonwealth University*.

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 benefit Virginia Commonwealth University*.
 
*Or an affiliated foundation for the benefit of VCU.
 

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 could offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
 

Bequest language


To make a gift in your will or living trust, you should speak with your attorney about a bequest. Your attorney can help you include a bequest for Virginia Commonwealth University* in your estate plan. Here is some basic bequest language to assist you and your attorney.

1. Specific bequest

If you are considering making an outright bequest to Virginia Commonwealth University*, we recommend the following language:
 
Bequest of a specific dollar amount

I give, devise, and bequeath to Virginia Commonwealth University*, Richmond, VA, 23284-2039, for its general use and purposes, the sum of _________ and No/100 dollars ($DOLLARS), for the benefit of Virginia Commonwealth University.

Bequest of specific personal property

I give, devise, and bequeath to Virginia Commonwealth University*, Richmond, VA, 23284-2039, for its general use and purposes, THE DESCRIPTION OF PROPERTY, for the benefit of Virginia Commonwealth University.

Bequest of specific real estate

I give, devise, and bequeath to Virginia Commonwealth University*, Richmond, VA, 23284-2039, for its general use and purposes, all of my right, title and interest to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY, for the benefit of Virginia Commonwealth University.
 
2. Percentage bequest

If you are considering making a bequest of a percentage of your estate to Virginia Commonwealth University*, the following language is recommended:
 
I give, devise, and bequeath to Virginia Commonwealth University*, Richmond, VA, 23284-2039, for its general use and purposes, ____ percent (___%) of my total estate determined as of the date of my death, for the benefit of Virginia Commonwealth University.
 
3. Residual bequest
 
I give, devise, and bequeath to Virginia Commonwealth University*, Richmond, VA, 23284-2039, for its general use and purposes, NUMBER PERCENTAGE ( %) of the rest, residue and remainder of my estate, for the benefit of Virginia Commonwealth University.
 
4. Contingent bequest
 
If (name of beneficiary) does not survive me, I give, devise, and bequeath to Virginia Commonwealth University*, Richmond, VA, 23284-2039, for its general use and purposes, DESCRIPTION OF PROPERTY OR NUMBER PERCENTAGE (___%) of my total estate determined as of the date of my death, for the benefit of Virginia Commonwealth University.

*Or an affiliated foundation for the benefit of VCU.
 

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 while meeting your charitable intentions. We will also work with you and your attorney to craft language to accomplish your goals. Following is some basic restricted bequest language to assist you and your attorney.

I give, devise, and bequeath to Virginia Commonwealth University*, Richmond, VA, 23284-2039, for its general use and purposes, the sum of _________ and No/100 dollars ($DOLLARS), for the benefit of the VCU SCHOOL, DEPARTMENT OR UNIT for the following purpose: (restricted purpose such as scholarships or an addition to an existing fund.)

For a restricted bequest, your attorney should include the following provision to give Virginia Commonwealth University* flexibility should it no longer be possible for VCU* to use your gift as you originally intended:
 
If, in the judgment of Virginia Commonwealth University*, it shall become impossible to use this bequest to accomplish the specific purposes of this bequest, Virginia Commonwealth University* may use the income and principal of this gift for such purpose or purposes as it determines is most closely related to the restricted purpose of my bequest for the benefit of Virginia Commonwealth University.

*Or an affiliated foundation for the benefit of VCU.

Note: If your bequest is to establish a new endowment fund, please contact the school, department or unit development officer or the Office of Gift Planning to discuss minimum funding levels for endowments before having your estate documents prepared and to discuss the terms of fund administration that would be included in an endowment fund agreement.
 

VCU legacy societies


If you have included a bequest or other gift for Virginia Commonwealth University* in your estate plan, please contact us to let us know. We would like to thank you, recognize you for your gift and include you in the appropriate VCU legacy society - the Heritage Society for gifts benefitting schools, departments, units and centers on the Monroe Park Campus, the MCV Society for gifts benefitting the schools, departments, units and centers on the MCV Campus and the Lawrence Society for gifts benefitting Massey Cancer Center.

*Or an affiliated foundation for the benefit of VCU.
 

Contact us


Please contact us if you have any questions about how to make a bequest or to request additional information that might be helpful to you and your attorney as you consider including a gift in your estate plan.
 
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