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Bequest Language

SUGGESTED BEQUEST WORDING

A bequest is simple and convenient. You have a number of options.

You can make a bequest for a specific dollar amount or for a percentage of your estate. You can designate your bequest for general use or you can restrict its use. Many individuals establish endowments that honor the memory of a family member or another loved one. These endowments live forever, since only the income is used annually. Since a will is an important legal document, you should seek an attorney's help. To assist you with this important process, we offer some suggested bequest wording below.

Following are some examples of various types of bequests:

Specific bequests are used to make a gift of a specific dollar amount or specific assets, such as securities, real estate, or personal property.

Residuary bequests are used to give all or a portion of the rest, residue, and remainder of your estate after payment of expenses and any specific amounts designated to other beneficiaries.

Including Wake Forest University in your will

The following includes several examples of suggested bequest wording to benefit Wake Forest University.

Each individual situation is unique and, therefore, these examples include only some of the possible gift opportunities. We encourage you to share your final will provision with Wake Forest University to ensure that your wishes will be properly followed and recognized.

Percentage of estate for unrestricted purposes
I give, devise, and bequeath to Wake Forest University, a not-for-profit organization located in Winston-Salem, North Carolina, _____ percent (%) of the rest, residue, and remainder of my estate as an unrestricted gift to be used at the discretion of the Board of Trustees of Wake Forest University for the general purposes of Wake Forest University, located in Winston-Salem, North Carolina.

Percentage of estate for specific purposes with an endowment provision
I give, devise, and bequeath to Wake Forest University, a not-for-profit organization located in Winston-Salem, North Carolina, _____ percent (%) of the rest, residue, and remainder of my estate to establish the ____________________ENDOWED FUND. The principal of this Fund shall be invested as part of Wake Forest University's permanent endowment and in accordance with its policies. The income therefrom is to be used by Wake Forest University, located in Winston-Salem, North Carolina, for____________________________________. Contributions may be added to the Fund at any time.

If changed circumstances should at some future time make it impractical to continue using the income from the Fund for the purpose designated, then the Wake Forest University Board of Trustees may redesignate the purpose for which the Fund's income may be distributed, provided that the Fund shall continue to bear the name ________________ ENDOWED FUND, and that the amended terms shall adhere as closely as possible to my original intent.

Specific amount for unrestricted purposes
I give, devise, and bequeath to Wake Forest University, a not-for-profit organization located in Winston-Salem, North Carolina, the sum of $_______ in cash or in-kind (or ________ shares of ________stock) to be used at the discretion of the Board of Trustees of Wake Forest University for the general purposes of Wake Forest University and its related entities.

Specific amount for specific purposes
I give, devise, and bequeath to Wake Forest University, a not-for-profit organization located in Winston-Salem, North Carolina, the sum of $_______ in cash or in-kind (or ________ shares of ________stock) to be used for __________________________________________ at Wake Forest University.

If changed circumstances should at some future time make it impractical to continue using the income from the Fund for the purpose designated, then the Wake Forest University Board of Trustees may redesignate the purpose to adhere as closely as possible to my original intent.

To assist you with your plans, Wake Forest University can provide sample language for the program or area you wish to support. This confidential service is available to you without obligation.

Designating the purpose of a bequest:

Unrestricted: The most useful type of bequest is unrestricted, allowing the funds to be allocated by Wake Forest University wherever the need is greatest.

Restricted: You may designate your bequest to support a special program or purpose that reflects your personal or professional interest (for example: scholarships, faculty research and development, or library acquisitions).

If the bequest is restricted to a specific purpose, it is important that the following wording be added at the end of the provision. This will ensure that, in the remote possibility a field of study or specified purpose may cease to need funds in the future, an alternate use for the bequest may be determined.

"..... for so long as the Board of Trustees of Wake Forest University determines that the need exists. Should the need no longer exist, said Board of Trustees may, in its sole discretion, direct the use of my bequest for a purpose related as closely as possible to that stated above."

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