North Central College's Bequest Language
Bequests
A simple way for you to support North Central's mission is to name the College as a beneficiary to your will, living trust, retirement account, insurance policy or other accounts. One significant benefit of making a gift by bequest is that it allows you to continue to use those assets during your lifetime. When you create a bequest for North Central, please let us know – we would love to talk with you to ensure that the funds you plan to give are used in the exact manner you wish. And, we get to thank you!
Types of Bequests
There are a number of ways you can make a bequest to North Central College.
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 $10,000 to North Central College.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to North Central College.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to North Central College.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to North Central College in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to North Central College, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to North Central College, a nonprofit organization located at 30 N. Brainard St., Naperville, IL, 60540, Federal Tax ID #36-2169157, for North Central College's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to North Central College, a nonprofit organization located at 30 N. Brainard St., Naperville, IL, 60540, Federal Tax ID #36-2169157, for North Central College'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 North Central College, a nonprofit organization located at 30 N. Brainard St., Naperville, IL, 60540, Federal Tax ID #36-2169157, for North Central College's general use and purpose.
2. Percentage BequestI hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to North Central College, a nonprofit organization located at 30 N. Brainard St., Naperville, IL, 60540, Federal Tax ID #36-2169157, for North Central College's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to North Central College, a nonprofit organization located at 30 N. Brainard St., Naperville, IL, 60540, Federal Tax ID #36-2169157, for North Central College'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 North Central College, a nonprofit organization located at 30 N. Brainard St., Naperville, IL, 60540, Federal Tax ID #36-2169157, for North Central College's general use and purpose.
If you are considering making a bequest of a percentage of your estate to North Central College, 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 North Central College, a nonprofit organization located at 30 N. Brainard St., Naperville, IL, 60540, Federal Tax ID #36-2169157, for North Central College'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 are also happy to talk 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 North Central College flexibility should it no longer be possible for our North Central College to use your gift as you originally intended:
If, in the judgment of the Board of Directors of North Central College, it shall become impossible for North Central College to use this bequest to accomplish the specific purposes of this bequest, North Central College may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
How can I learn more?
Contact Us
Please contact us if you have any questions about how to make a bequest to North Central College or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for North Central College in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
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