Bequests can take a number of forms including a specific dollar amount or a portion of what remains of an estate after obligations to others are fulfilled. The estate will receive an estate tax charitable contribution for the bequest to TMI.
Sample Will Language
You may find it helpful to have sample will language to share with an attorney:
I give, devise, and bequeath to Texas Military Institute, a non-profit Texas corporation, located at 20955 West Tejas Trail, San Antonio, Texas, the sum of $____ (or, ____ percent of my estate, or, ____ percent of the residue of my estate) to be used for such purposes as the Board of Governors determines at the time this bequest becomes effective.
Designating your gift for a specific purpose
Will or trust provisions may be designated for a specific purpose - such as library funds, faculty development, or support for academic departments. If you wish to restrict or designate a use for your gift, please contact the Advancement Office to ensure that we understand your wishes.
In the case of a restricted bequest, some people like to add language that would give TMI flexibility to use the bequest for some other purpose in the event that the project or purpose designated by the donor is no longer needed when the funds become available. Adding the following sentence to the end of the bequest provision would provide this flexibility.
If, at the time this bequest becomes effective, the funds are not needed for this purpose, then the Board of Governors may direct the funds to be used for a purpose as closely related as possible to the original purpose described in this provision.
Please remember that when making a financial decision, you should always seek the opinion of your professional tax adviser or legal counsel.