Bequests
One of the easiest and most common ways for you to make a gift to the Appalachian State University Foundation is through a bequest in your will. The tax laws encourage bequests; consequently, a bequest is an excellent way to support Appalachian programs.
Bequests work particularly well for those who are unable to make an immediate outright gift, but would like to aid us in the future. All friends who make provisions for the Foundation in their wills or estate plans are considered members of the University’s Benevolent Society.
There are four basic categories of bequests:
Specific bequests take the form of an outright gift of securities, a specific fund of money, or other property. In your will, you describe an item of property and you give that particular item to an individual or perhaps to the Foundation. Specific bequests are honored after debts and expenses of your estate are paid and before other bequests are distributed.
General bequests do not provide for the source of payment of the bequest. For instance, you may wish to transfer $25,000 to your son. With a specific bequest, you might designate $25,000 from your money market account at XYZ National bank. With a general bequest, you would simply state, “ I give the sum of $25,000 to my son.” Your executor may honor the bequest from any available source in your estate.
Residuary bequests give away what remains of your estate after all expenses, debts and taxes have been paid and all specific and general bequests have been satisfied.
Proportional bequests give away a set percentage of your total or residual estate to the Appalachian State University Foundation, Inc.
Suggested Language for Charitable bequests:
Specific
“I hereby give, and bequeath to the Appalachian State University Foundation, Inc. ________________ dollars (or property or securities) to be used for the highest and best use as determined by the Appalachian State University Foundation, Inc. Board of Directors.”
General
“I give the sum of $25,000 to be used for the highest and best use as determined by the Appalachian State University Foundation, Inc. Board of Directors.”
Residuary
“All the rest, residue and remainder of my estate, both real and personal property of whatever kind and whatsoever situated which I may own or have the right to dispose of at the time of my death I give, devise and bequeath to the Appalachian State University Foundation, Inc., to be used for the highest and best use as determined by the Board of Directors of the ASU Foundation, Inc.”
Proportional
“I hereby give, and bequeath to the Appalachian State University Foundation, Inc. ____% of my estate to be used as the Board of Directors of the ASU Foundation, Inc., may direct for the highest and best use of Appalachian State University.”
Please also keep in mind that bequests may be directed to specific areas of support throughout the university (endowed scholarships, college programs, etc.)
While our gift planning office is happy to provide suggested wording (such as indicated here), please consult with your professional advisors (attorney, accountant, etc.) concerning your estate plans.
