An excellent way for you to support St. Andrews’ mission is to leave us a bequest in your will or living trust. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.
There are a number of ways you can make a bequest to St. Andrews:
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 St. Andrews.
Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to St. Andrews.
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 St. Andrews.
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 St. Andrews.
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. For example, gifts to provide funding for the Equestrian Program, Performing Arts, Sports Management, or other academic programs can be established. Bequests to create endowed scholarships, professorships are also popular and meaningful legacy vehicles. 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 heirs.
*Please see the PDF below for the Bequest language.
Contact Jeff Robertson, Campus Vice President of Institutional Advancement at 910-277-5769 or [email protected] for more information or for a personal consultation about making a planned gift.
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