BEQUEST WORDING FOR THE UNIVERSITY OF ST. THOMAS
It is always advisable to consult with an attorney in your state to apply the following suggested examples of appropriate language for various bequests to the University of St. Thomas
I. SPECIFIC & DIRECT BEQUEST:
This is the most common type of clause, giving a specific amount, percentage or specific piece of property for unrestricted use by the University.
I give, devise and bequeath to the University of St. Thomas, a Minnesota nonprofit corporation, _________________________(insert written amount, percentage of the residue of estate or description of the property) for the unrestricted use and purposes of the university as determined by the Board of Trustees of the University of St. Thomas.
This type of clause gives a specific amount, percentage or specific piece of property for use by the University for a restricted purpose specified by the benefactor.
I give, devise and bequeath to the University of St. Thomas, a Minnesota nonprofit corporation, _________________________________ (insert written amount, percentage of the estate or description of the property), for the following purpose and use by the University ______________________ (to provide for a named scholarship, to be placed in endowment, etc.).
II. RESIDUARY BEQUEST:
This type of bequest gives all or a specified portion of assets remaining in the estate after debts, taxes, expenses and other bequests have been served. It may be unrestricted or restricted.
All the rest, residue and remainder of my estate, both real and personal, of every kind and description, wherever situated and whether now owned or hereafter acquired, including any property with respect to which I may have a power of appointment, I give, devise and bequeath to the University of St. Thomas, a Minnesota nonprofit corporation.
III. CONTINGENT BEQUEST:
This bequest takes effect if something unexpected happens. It ensures that the university, instead of unintended beneficiaries, receives the bequest. These are usually unrestricted but may also be restricted.
In case of a failure or lapse of any legacy or devise herein, such that the property so bequeathed or devised would pass by intestacy, I (we) direct that, in lieu thereof, such property shall pass to the University of St. Thomas, a Minnesota nonprofit corporation.