Legal Language for Estate Planning
One of the easiest ways to create a legacy is to include a bequest for charity in one's will or trust. There are several kinds of bequest provisions - we have provided examples of some of the most common.
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.
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.
Examples:
"I give and bequeath to Lawrence University of Wisconsin, the sum of ________ ($) Dollars for its general use and purposes."
Or
"I give and bequeath to Lawrence University of Wisconsin, ________% of my adjusted gross estate as finally determined for federal estate tax purposes for its general use and purposes."
Bequests can also provide specific items from one's estate to a charity like artwork, books, photographs, collections, or other tangible personal property. Charities will have the right to accept or decline such gifts, so alerting them to your wishes will avoid difficulties down the road. For real estate, please include legal description of the property, not just an address.
Example:
"I give and bequeath to Lawrence University of Wisconsin, my entire art collection consisting of paintings, water colors, prints and sculptures for its general use and purposes."
You should complete a beneficiary designation form with individual retirement accounts and life insurance policies. These documents will be upheld over what you state in your will or trust, so make sure your beneficiary forms reflect your wishes. You may also add language to your will stating the percentage of the account being given and the account number.
Example:
"One hundred percent (100%) of my IRA account at (name of custodian) account number ________, shall be distributed to Lawrence University of Wisconsin."
The most important aspect of the bequest language is the legal name of the charity. We ask that gifts to Lawrence be left to "Lawrence University of Wisconsin." You may be asked to provide Lawrence's Tax ID or EIN, that number is 39-0806297.
Unrestricted General Bequest
Bequests of this type can provide a specified dollar amount, ensuring a certain size gift, or a specified proportion of the estate, to keep this gift in line with other provisions that may also be included.
Examples:
"I give and bequeath to Lawrence University of Wisconsin, the sum of ________ ($) Dollars for its general use and purposes."
Or
"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."
Specific Bequest
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.
Example:
"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.
Example:
"One hundred percent (100%) of my IRA account at (name of custodian) account number ________, shall be distributed to Lawrence University of Wisconsin."
Alexcia Jellum 2016
Olin and Sylvia Jessup Scholarship Fund
"Being able to attend Lawrence has been a wonderful and enriching experience and I want to just say thank you for the Olin and Sylvia Jessup Scholarship I have received. I love the level of involvement that I'm able to attain while attending Lawrence. I've been able to travel with Habitat for Humanity and explore the lives of people very different from myself in classes like The Civic Life Project. The experiences that I have gained from the classroom, my dedicated professors, and my determined and open minded peers are priceless!"
Kaitlin Yorde 2017
Maurine Campbell Endowed Scholarship
"My name is Kaity Yorde and I would just like to say thank you for the Maurine Campbell Endowed Scholarship I received this year! Because of this scholarship, I was able to attend the amazing school that is Lawrence and pursue a degree with a double major in Linguistics and Chinese. Once again, I thank you for contributing to my schooling!"
Clara Imon Pedtke 2016
Shirlee Emmons Baldwin Scholarship
"Attending Lawrence has been an amazing experience! I cannot imagine a better place to help me grow as a musician, student, and person. I am so grateful for the support I have received through scholarships such as the Shirlee Emmons Baldwin Scholarship. Thank you so much!! Your generosity means a great deal to me and your support helps me follow my dreams."
