Sample Bequest Language
Types of Bequests
There are a number of ways you can make a bequest to Southwestern Medical Foundation for the benefit of UT Southwestern.
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 $10,000 to Southwestern Medical Foundation.
Percentage Bequest. Another kind of bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Southwestern Medical Foundation.
Residual Bequest. A residual bequest is made from the remaining assets of an estate or trust after the specific bequests have been made. For example, you might bequeath your home to your children, and 30% of the residue of your estate (i.e., 30% of the remaining estate assets) to Southwestern Medical Foundation.
Contingent Bequest. A contingent bequest is a bequest that is made to charity only if your primary beneficiary predeceases you. For example, your Will could state that you leave specific property, such as a vacation home, to a relative, if the relative survives you, but if not, then to Southwestern Medical Foundation.
A bequest is generally a revocable gift, which means it can be revoked or modified by you at any time. You can designate that a bequest be used by Southwestern Medical Foundation or UT Southwestern for its general purposes. Bequests to Southwestern Medical Foundation are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
To make a bequest to Southwestern Medical Foundation for the benefit of UT Southwestern, you should speak with your attorney, who can help you include the gift in your estate plan. Please contact us prior to including in your estate plan a bequest of specific tangible personal property (e.g., artwork or antiques) or specific real estate. Below, we have provided some basic bequest language to assist you and your attorney.
1. Bequest of a Specific Dollar Amount
I give, devise and bequeath the sum of ______ dollars ($______) to Southwestern Medical Foundation, located in Dallas, Texas, to be used for the benefit of the University of Texas Southwestern Medical Center.
2. Percentage Bequest
I give, devise and bequeath ______ percent (____%) of my estate to Southwestern Medical Foundation, located in Dallas, Texas, to be used for the benefit of the University of Texas Southwestern Medical Center.
3. Residual Bequest
I hereby give, devise and bequeath ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to Southwestern Medical Foundation, located in Dallas, Texas, to be used for the benefit of the University of Texas Southwestern Medical Center.
Bequests for a Specific Purpose
If you are considering a bequest but would like to ensure it will be used for a specific purpose, rather than for the general purposes of Southwestern Medical Foundation or UT Southwestern 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 philanthropic objectives.
If you are making a bequest for a specific purpose, we suggest that your attorney include in your Will or Trust Agreement the following provision so as to give Southwestern Medical Foundation the ability to identify a new purpose, in the spirit of your original purpose, if circumstances change in the future:
Please contact us if you have any questions about how to make a bequest to Southwestern Medical Foundation 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 Southwestern Medical Foundation in your estate plan, please contact us to let us know. We would like to be able to recognize you for your gift.
Bequests in support of other health care organizations
If you would like to support another health care organization other than UT Southwestern through a bequest to Southwestern Medical Foundation, please give us a call at (214) 351-6143. We will be happy to work with you and your attorney to draft a bequest to help you meet your charitable objectives.