Bequest Language
We want to be sure your gift at Willamette accurately reflects your wishes. In order to create an endowed fund that will exist in perpetuity, the language in your will must state your intentions explicitly. This is also something we can document in our records if your will does not reflect this. Please do not hesitate to contact us for assistance with your gift.
Percentage of Estate
“I hereby will, devise, and bequeath to Willamette University, a nonprofit educational institution located in Salem, Oregon (“Willamette”), _______ percent (____________%) of the rest, residue, and remainder of my estate to be used for its general purposes.”
Specific Amount of Estate
“I hereby will, devise, and bequeath to Willamette University, a nonprofit educational institution located in Salem, Oregon (“Willamette”), the sum of _______ dollars ($____________) to be used for its general purposes.”
Establishing an Endowed Scholarship Fund Through Your Estate
(The current minimum level at Willamette University is $100,000. Your gift will need to meet endowment minimum in place at the time your gift is realized.)
Percentage of Estate
“I hereby will, devise, and bequeath to Willamette University, a nonprofit educational institution located in Salem, Oregon (“Willamette”), _______ percent (____________%) of the rest, residue, and remainder of my estate to be designated to its endowment in order to establish the ___________________ Endowed Scholarship Fund (the Fund). Distributions from the Fund will be awarded annually for scholarships. The selection of recipients, the number of scholarships to be awarded annually, and the amount of each scholarship is left to the discretion of the University’s Director of Financial Aid.
“In the event the estate proceeds received by Willamette are insufficient to fully endow the ___________________ Endowed Scholarship Fund, then said proceeds shall be expended according to the scholarship criteria, if any, as set forth herein until such time as proceeds are exhausted.
“If circumstances should at any time in the future make it impractical to continue administering the ________________ Endowed Scholarship Fund for the purposes designated, then Willamette may redesignate the purpose—provided that the terms adhere as closely as possible to my original intent.”
Specific Amount of Estate
“I hereby will, devise, and bequeath to Willamette University, a nonprofit educational institution located in Salem, Oregon (“Willamette”), the sum of _____________ dollars ($___________) to be designated to its endowment in order to establish the _________________________ Endowed Scholarship Fund (the Fund). Distributions from the Fund will be awarded annually for scholarships. The selection of recipients, the number of scholarships to be awarded annually, and the amount of each scholarship is left to the discretion of the University’s Director of Financial Aid.
“In the event the estate proceeds received by Willamette are insufficient to fully endow the _____________________ Endowed Scholarship Fund, then said proceeds shall be expended according to the scholarship criteria, if any, as set forth herein until such time as proceeds are exhausted.
“If circumstances should at some time make it impractical to continue administering the ________________ Endowed Scholarship Fund for the purposes designated, then Willamette may redesignate the purpose—provided that the terms adhere as closely as possible to my original intent.”
Estate Gift to Contribute to an Existing Endowed Scholarship Fund
“I hereby will, devise, and bequeath to Willamette University, a nonprofit educational institution located in Salem, Oregon (“Willamette”), ___________ percent (____________%) of the rest, residue, and remainder of my estate to be added to the ___________________ Endowed Scholarship Fund (established by a Fund Agreement dated _______________), with financial aid to be awarded pursuant to the provisions of said agreement and amendments thereto, if any.”
Willamette University's Thank You
If you have already designated Willamette University with a bequest, retirement plan or otherwise, please let us know so that we can welcome you as a member of the R. A. Booth Society.
Disclaimer
Please know that in the management of its endowment, Willamette University is guided by the Uniform Prudent Management of Institutional Funds Act (UPMIFA). Willamette University does not provide legal counsel or tax advice in any form. Please seek the assistance of a licensed attorney, tax advisor, or financial advisor to ensure any gift you are considering fits appropriately with your specific circumstances.
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