By leaving cash or other assets to charity upon your death, you help ensure that your interests and values are supported for years to come. A bequest is a gift made to a charitable cause through your estate. Bequests can only be made by including them in your will. Bequests of cash are common, but bequests can include securities or gifts of other types of property. A bequest is usually easy to create, and your attorney can quickly draft language that meets your needs.
Four tips:
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- We encourage you to let us know that you are planning a bequest. If you wish, we will include your name in our Legacy Society, which honors individuals who make bequests and other deferred contributions.
- Our legal title is The Genesee Community College Foundation, Inc. Your attorney should use this title in drafting bequest language in your will.
- The Foundation holds many funds created by donors to promote study in particular fields, honor loved ones, or support students who live in specific communities. If you wish to make a bequest and direct it toward your own endowment fund, we strongly encourage you to create your fund now – even if you are not planning to make contributions to the fund during your lifetime. Creating your own fund now simplifies your will, and helps avoid confusion after your death.
- We are always pleased to help you or your attorney prepare your bequest. Call us at 585-345-6809 anytime.
Forms of Bequests – A Guide for You and Your Attorney
Most bequests are simple, and your attorney can create bequests with simple language inserted in your will. You can present this sample language to your attorney to get things started. Of course, you should always follow your attorney’s advice as you craft your will.
Sample Language:
To Create a Bequest of a Fixed Sum
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- “I give, devise, and bequeath the sum of $[amount] to The Genesee Community College Foundation, Inc., a New York State not-for-profit corporation with principal offices at Batavia, NY.
To Create a Bequest of a Fixed Sum Directed Toward a Specific Endowment Fund*
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- “I give, devise, and bequeath the sum of $[amount] to The Genesee Community College Foundation, Inc., a New York State not-for-profit corporation with principal offices at Batavia, NY, as endowment principal to be kept and held in perpetuity in The Genesee Community College Foundation’s [name of fund] Fund.”
To Create a Bequest as a Percentage of Your Estate
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- “I give, devise, and bequeath [percentage% ]of my entire estate to The Genesee Community College Foundation, Inc.. a New York State not-for-profit corporation with principal offices at Batavia, NY.”
To Create a Bequest as a Percentage of Your Estate Directed Toward a Specific Endowment Fund*
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- “I give, devise, and bequeath [percentage%] of my entire estate to The Genesee Community College Foundation, Inc.. a New York State not-for-profit corporation with principal offices at Batavia, NY, as endowment principal to be kept and held in perpetuity in the Genesee Community College Foundation’s [name of fund] Fund.”
To Create a Bequest of the Remainder (Residual) of Your Estate
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- “I give, devise, and bequeath [all][percentage%] of the rest, residue and remainder of my estate to The Genesee Community College Foundation, Inc., a New York State not-for-profit corporation with principal offices at Batavia, NY.”
To Create a Bequest of the Remainder (Residual) of Your Estate Directed Toward a Specific Endowment Fund*
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- “I give, devise, and bequeath [all][percentage%] of the rest, residue and remainder of my estate to The Genesee Community College Foundation, Inc., a New York State not-for-profit corporation with principal offices at Batavia, NY, as endowment principal to be kept and held in perpetuity in the Genesee Community College Foundation’s [name of fund] Fund. “
*Remember that it’s best to create your named endowment fund during your lifetime, even if you are not planning to contribute to the fund during your lifetime. Once created, the terms and uses of the fund are in the Foundation’s active files. Your attorney can then simply insert the name of the fund in your will to reflect your wishes.