University of Mary's Bequest

• Types of Bequests

  There are a number of ways you can make a bequest to University of Mary.

  • Specific Bequest. 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 University of Mary.

  • Percentage Bequest. 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 University of Mary.

  • Residual Bequest. 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 University of Mary.

  • Contingent Bequest. 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 University of Mary.

• Bequest Benefits

  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. 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.

Bequest Language

In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to University of Mary in your estate plan. We have provided some basic bequest language to assist you and your attorney.

• Specific Bequest

  If you are considering making an outright bequest to University of Mary, we recommend the following language:

  Bequest of a Specific Dollar Amount

  I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to University of Mary, a nonprofit organization located at 7500 University Drive, Bismarck, ND, 58504-9634, Federal Tax ID #45-0273403, for University of Mary's general use and purpose.

  Bequest of Specific Personal Property

  I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to University of Mary, a nonprofit organization located at 7500 University Drive, Bismarck, ND, 58504-9634, Federal Tax ID #45-0273403, for University of Mary's general use and purpose.

  Bequest of Specific Real Estate

  I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to University of Mary, a nonprofit organization located at 7500 University Drive, Bismarck, ND, 58504-9634, Federal Tax ID #45-0273403, for University of Mary's general use and purpose.

• Percentage Bequest

  If you are considering making a bequest of a percentage of your estate to University of Mary, we recommend the following language:

  I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to University of Mary, a nonprofit organization located at 7500 University Drive, Bismarck, ND, 58504-9634, Federal Tax ID #45-0273403, for University of Mary's general use and purpose.

• Residual Bequest

  I hereby give, devise and bequeath to University of Mary, a nonprofit organization located at 7500 University Drive, Bismarck, ND, 58504-9634, Federal Tax ID #45-0273403, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for University of Mary's general use and purpose.

• Contingent Bequest

  If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to University of Mary, a nonprofit organization located at 7500 University Drive, Bismarck, ND, 58504-9634, Federal Tax ID #45-0273403, DESCRIPTION OF PROPERTY to be used for University of Mary's general use and purpose.

Restricted Bequests

If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.

If you are making a restricted bequest, we recommend that your attorney include the following provision to give University of Mary flexibility should it no longer be possible for University of Mary to use your gift as you originally intended: