Bequest
GOAL: Make a significant gift later
"I want to make a significant gift to George School but I need all of my assets for my current needs and for reserves for unexpected contingencies."
METHOD: Include a bequest to George School as part of your estate plan.
FREQUENTLY ASKED QUESTIONS ABOUT BEQUESTS
WHAT IS A BEQUEST?
A bequest is a transfer, by will, of property such as cash, securities (stocks), real estate, or tangible personal property (such jewelry, artwork, or antiques) to an individual or a charitable organization.
RETURN TO TOP WHAT ARE THE BENEFITS OF MAKING A BEQUEST TO GEORGE SCHOOL? For many donors a bequest offers the opportunity to make a more substantial gift than would be possible during the donor's lifetime. Other donors view a bequest as an opportunity to round out a lifetime of giving with a lasting legacy to George School. Because of the tax advantages associated with a bequest to a charitable institution, assets from your estate that would otherwise go directly to government treasuries in the form of taxes can instead be given to the George School to meet faculty, student, and program needs.
RETURN TO TOP WHAT MAY I BEQUEATH TO GEORGE SCHOOL? Most commonly, alumni/ae and friends of the school bequeath cash or securities. But gifts of real estate, such as a personal residence or vacation home, or works of art or antiques, are also left to the school.
RETURN TO TOP WHAT ARE THE DIFFERENT TYPES OF BEQUESTS? The most common type of bequest is one in which you direct cash or specific assets to George School. These might include securities, real estate, or personal property. Sometimes the bequest is stated as a fixed dollar amount or value; it can be stated as a percentage of your estate.
With a residuary bequest, you direct that George School receive all or part of your estate remaining after other specific bequests, and expenses related to settlement of your estate, have been paid.
RETURN TO TOP WHAT OTHER METHODS ARE AVAILABLE FOR GIVING TO GEORGE SCHOOL AFTER MY DEATH? Instead of, or in addition to, a making bequest, a testamentary trust can be established in your will so that upon your death your spouse and/or other beneficiaries are provided with income during their lifetimes, after which the assets of the trust are given to George School. One form of such a trust, known as a Testamentary Charitable Remainder Trust, irrevocably commits the remainder interest to George School, providing the estate with a charitable deduction.
With a contingent bequest, you name George School as the recipient of the remainder of your estate if others named in your estate plan are not living at the time of your death.
You may also name George School as the beneficiary of the remainder of your IRA, Keogh plan, tax-sheltered annuity, qualified pension, profit-sharing plan, or life insurance in your will.
RETURN TO TOP WHY DOES GEORGE SCHOOL WANT TO KNOW MY BEQUEST INTENTIONS? George School recognizes that your estate plans and bequest intentions are a very personal matter. However, if you are willing to inform us of your plans, we will hold this information in strict confidence. Knowledge of your intentions are very helpful to George School in its financial planning. And informing the school of your estate-related gift intentions qualify you for membership in the John M. George Society.
RETURN TO TOP WHAT KIND OF WORDING IS APPROPRIATE FOR A BEQUEST TO GEORGE SCHOOL? A bequest to George School would normally include language like this:
For a Specific Bequest:
"I give and devise to George School, Newtown, PA [Select one of the following clauses, either (a) or (b)]: (a) the sum of _______________, [or] (b) the following property:________________"
Or, for a Residual Bequest:
"I give and devise to George School, Newtown, PA all (or a ____%) of the residue of my estate."
And, for an Undesignated Bequest:
"This bequest is to be used for the general purposes of the School at the sole direction of its board of trustees."
Or, for a Designated Purpose:
"This bequest is to be used for the benefit of [state purpose, such as the George School School Scholarship Fund]. If, in the future, in the sole opinion of the school's board of trustees, all or part of the income from this fund cannot be usefully applied to such purpose, it may be used for any related purposes which in the sole opinion of the school's board of trustees will most nearly accomplish my wishes."
This suggested language is not intended as legal advice. Individuals should seek the advice of their own legal counsel for analysis of their particular circumstances and recommended estate planning actions, including the preparation of necessary documents such as wills and/or testamentary trusts.
RETURN TO TOP WHO SHOULD I CONTACT REGARDING A BEQUEST TO GEORGE SCHOOL? Donors and their advisors are encouraged to consult with the George School Advancement Office (by calling Andy Popkin at 215.579.6563), to ensure that bequests and similar gifts clearly describe the desired uses of the gifts and the needs of the school.
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