Planned Giving
the University of Mississippi's Bequest Language
An excellent way for you to support the University of Mississippi's mission is to leave us a bequest in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.
There are a number of ways you can make a bequest to benefit the University of Mississippi.
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to the University of Mississippi Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, 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 charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give the University of Mississippi Foundation flexibility should it no longer be possible for the University of Mississippi Foundation to use your gift as you originally intended:
Please contact us if you have any questions about how to make a bequest or to request any additional information that might be helpful to you and your attorney.
If you have included a bequest for the University of Mississippi in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
Types of Bequests
There are a number of ways you can make a bequest to benefit the University of Mississippi.
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 the University of Mississippi Foundation for the benefit of the University of Mississippi.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to the University of Mississippi Foundation for the benefit of the University of Mississippi.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to the University of Mississippi Foundation for the benefit of the University of Mississippi.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the University of Mississippi Foundation for the benefit of the University of Mississppi.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to the University of Mississippi Foundation for the benefit of the University of Mississippi.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to the University of Mississippi Foundation for the benefit of the University of Mississippi.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the University of Mississippi Foundation for the benefit of the University of Mississppi.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time.
You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended.
Bequests 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.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to the University of Mississippi Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
The following language may aid you and your attorney in preparing your bequest to the University of Mississppi Foundation for the benefit of the university and/or its related programs
- Begin with: "I give, devise and bequeath to the University of Mississippi Foundation, a nonprofit corporation organzied in accordance with the laws of the State of Mississippi for the purpose of supporting the University of Mississippi, an education institution...
- Continue language with a, b, or c
- the sum of $ _____ ...
- the following described property: _____ ...
- _____ % of the rest, residue and remainder of my estate ...
- Continue language with:
... to be designated for the general use and purpose of the University of Mississippi." (use this language for unrestricted bequests)
or
... to be designated per the completed Notification of Intention for a Deferred Gift form" on file." (use this language for restricted bequests)
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, 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 charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give the University of Mississippi Foundation flexibility should it no longer be possible for the University of Mississippi Foundation to use your gift as you originally intended:
If, in the judgment of the Board of Directors of the University of Mississippi Foundation, it shall become impossible for the University of Mississippi to use this bequest to accomplish the specific purposes of this bequest, the University of Mississippi Foundation may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Contact Us
Please contact us if you have any questions about how to make a bequest or to request any additional information that might be helpful to you and your attorney.
If you have included a bequest for the University of Mississippi in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.