Legal Language for Estate Planning
The most important aspect of the bequest language is the legal name of the charity. We ask that gifts to Lawrence be left to "Lawrence University of Wisconsin." You may be asked to provide Lawrence's Tax ID or EIN, that number is 39-0806297.
Unrestricted General Bequest
Bequests of this type can provide a specified dollar amount, ensuring a certain size gift, or a specified proportion of the estate, to keep this gift in line with other provisions that may also be included.
"I give and bequeath to Lawrence University of Wisconsin, the sum of ________ ($) Dollars for its general use and purposes."
"I give and bequeath to Lawrence University of Wisconsin, ________% of my adjusted gross estate as finally determined for federal estate tax purposes for its general use and purposes."
Bequests can also provide specific items from one's estate to a charity like artwork, books, photographs, collections, or other tangible personal property. Charities will have the right to accept or decline such gifts, so alerting them to your wishes will avoid difficulties down the road. For real estate, please include legal description of the property, not just an address.
"I give and bequeath to Lawrence University of Wisconsin, my entire art collection consisting of paintings, water colors, prints and sculptures for its general use and purposes."
IRA and Life Insurance Beneficiaries
You should complete a beneficiary designation form with individual retirement accounts and life insurance policies. These documents will be upheld over what you state in your will or trust, so make sure your beneficiary forms reflect your wishes. You may also add language to your will stating the percentage of the account being given and the account number.
"One hundred percent (100%) of my IRA account at (name of custodian) account number ________, shall be distributed to Lawrence University of Wisconsin."
Maria Poimenidou, 2020
"I am currently a senior double majoring in biochemistry and economics and minoring in Innovation & Entrepreneurship. I cannot express enough how much I appreciate the Theodore Diamandopoulos Memorial Scholarship, without it, my Lawrence experience would not be possible. I have enjoyed being a mentor in the CORE freshman mentorship program, playing and working for the Women's Basketball team, competing in Model United Nations, interning as a lab assistant at the MD Anderson Cancer Center in Houston, hosting a pilot STEM program for young unaccompanied refugees in Greece, and volunteering through KidsGive during a field trip to Sierra Leone. Thank you so much for supporting me in doing the things I dream to do."