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.
Sample Bequest Language:
“I give and bequeath (a specific asset or $__ dollars or __ percent of the rest, residue, and remainder of my estate) to Atlantic Cape Community College Foundation, Mays Landing, NJ for its general purposes."
Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity.
Sample Bequest Language:
“I give and bequeath (a specific percent) of the total value of my estate to Atlantic Cape Community College Foundation, Mays Landing, NJ for its general purposes."
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.
Sample Bequest Language:
“The rest, residue and remainder of my estate, both real and personal, wherever situated, I give and bequeath to Atlantic Cape Community College Foundation, Mays Landing, NJ for its general purposes."
A Restricted Bequest is made in support of a specific program or project.
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.
Atlantic Cape Community College educational activities and programs change over time, and the needs of this generation of students may not be the same as those of the next. If you are making a restricted bequest, we recommend that you include a provision to give Atlantic Cape Foundation the flexibility and authority to respond to changing needs if it should no longer be possible for the Foundation to use your gift as you originally intended.
Sample Bequest Language:
“I give and bequeath to Atlantic Cape Community College Foundation, Mays Landing, NJ the sum of $______ (or the property or percentage) to be used for (specific description of scholarship, program, building, etc.) If at any time in the judgment of the Atlantic Cape Community College Foundation’s Board of Trustees, it is impossible or impracticable to carry out the designated purpose, the Atlantic Cape Community College Foundation Trustees shall determine an alternative purpose for the income and principal of this gift that is most closely related to the restricted purpose of my 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 an alternate beneficiary if the relative is not alive at the time of your death.
Sample Bequest Language:
“Should (name of heir) predecease me, the portion of my estate going to (name of heir) I give and bequeath to Atlantic Cape Community College Foundation, Mays Landing, NJ for its general purposes."
