Leaving a bequest to Jessup in your will, living trust or with a codicil, perpetuates both your influence and your support for the University's ongoing mission while continuing to use your property without change for the duration of your life.
Types of Bequests
There are a number of ways you can make a bequest to William Jessup University.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, vehicles, other property, or a specific dollar amount (i.e., home, car, $10,000).
Percentage Bequest. A percentage bequest involves leaving a specific percentage of your overall estate as a charitable gift (i.e., 10% of your estate bequeathed to Jessup University).
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has bestowed each of the specific bequests. A common residual bequest involves leaving a percentage of the residual of the estate to charity (i.e., bestowing 30% of the residue of your estate to Jessup University).
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the property will go to Jessup University.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time.
You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended.
Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Bequest Language
In order to make a bequest, you should speak with your attorney who can help you include a bequest to Jessup University in your estate plan and explore the bequest options that best suit your circumstances. We have provided some basic bequest language to assist you and your attorney in that process.
1. Specific Bequest
If you are considering making an outright bequest to William Jessup University, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to William Jessup University, a nonprofit organization located at 2121 University Ave, Rocklin, CA, 95765, Federal Tax ID #94-1279803, for William Jessup University's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to William Jessup University, a nonprofit organization located at 2121 University Ave, Rocklin, CA, 95765, Federal Tax ID #94-1279803, for William Jessup University'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 William Jessup University, a nonprofit organization located at 2121 University Ave, Rocklin, CA, 95765, Federal Tax ID #94-1279803, for William Jessup University's general use and purpose.
2. Percentage Bequest
If you are considering making a bequest of a percentage of your estate to William Jessup University, 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 William Jessup University, a nonprofit organization located at 2121 University Ave, Rocklin, CA, 95765, Federal Tax ID #94-1279803, for William Jessup University's general use and purpose.
3. Residual Bequest
I hereby give, devise and bequeath to William Jessup University, a nonprofit organization located at 2121 University Ave, Rocklin, CA, 95765, Federal Tax ID #94-1279803, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for William Jessup University's general use and purpose.
4. Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to William Jessup University, a nonprofit organization located at 2121 University Ave, Rocklin, CA, 95765, Federal Tax ID #94-1279803, DESCRIPTION OF PROPERTY to be used for William Jessup University'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 William Jessup University flexibility should it no longer be possible for Jessup to use your gift as you originally intended:
If, in the judgment of the Board of Directors of William Jessup University, it shall become impossible for William Jessup University to use this bequest to accomplish the specific purposes of this bequest, William Jessup University 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.
Contact Us
Please
contact us if you have any questions about how to make a bequest to William Jessup University or to request any additional information that might be helpful to you and your attorney as you consider the most significant application of your gift - for you, for your family, and as an vital part of the Jessup family.
If you have already (or once you have) included a bequest for Jessup University in your estate plan, please contact us to let us know. We would like to thank you and recognize your gift, as well as celebrate our shared faith in God's best future for Jessup.
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