Bequests have beneficial elements for the donor. They allow the donor to retain their assets throughout their lifetime, can reduce estate taxes, be directed to any educational program at the University, including the establishment of a permanent fund in the donor’s name and they are revocable. The donor can change the beneficiary at any time. Bequests more frequently allow a donor to make a larger gift than if it were made during their lifetime.
Bequests may be unrestricted or restricted as to their purpose. The proceeds of unrestricted bequests are particularly valuable in that they allow flexibility and innovation in their use at some future date. Bequests that are restricted are for purposes specified by the donor, such as for scholarships, research, lectures, or other educational purposes.
Sample Wording for bequests to The University at Albany Foundation.
Bequest of a Sum:
A bequest of a sum is simply a dollar amount
you intend to leave to The University at Albany Foundation. The bequest will be used as you direct.
Instead of a specific dollar amount, your bequest may be for a percent of your estate. The remaining percentage may be designated for other purposes.
After all debts, taxes, expenses and other bequests have been paid, a residuary bequest to The University at Albany Foundation makes the remainder of your property or assets available for your designated purpose, or for priority educational needs.
A contingent bequest is appropriate if you wish to name a secondary beneficiary, in case the primary beneficiary does not survive you. For example, you could name your spouse, or another person, as the primary beneficiary and The University at Albany Foundation as the secondary beneficiary.
Addition of a bequest to an existing will:
If you already have a will and wish to add a bequest for The University at Albany Foundation, a simple codicil (addendum) can be added to the existing will, dated and signed by you and two witnesses.