Bequest Language

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Leaving a Bequest to the Foundation for Reading Area Community College

Donors can continue their charitable legacy for years to come by including a gift in their will to support the Foundation for Reading Area Community College. This type of gift, known as a charitable bequest, is the most common form of planned giving, allowing donors to live on through the good work done by their gift, and providing important estate tax advantages.

A donor may donate a specific item (such as a home) or a specific amount of money for a charitable purpose. This is known as a "specific bequest." A "residual bequest" refers to a gift that consists of the remainder of a donor's assets after all expenses and other specific bequests have been paid out.

By including a charitable contribution in a will, a donor can make a gift that is simple, yet potentially much larger than he or she could consider during their lifetime.

How to Add a Charitable Bequest to a Will

Adding a charitable bequest to an existing will does not require rewriting your entire will. Charitable bequests may be added through an amendment to an existing will, known as a "codicil."

Donors may include or add this language to their will at any time, although it is generally easier to discuss charitable objectives with the Foundation ahead of time. If a donor prefers to remain anonymous, he or she may conduct these discussions through an attorney, accountant or other advisor.

Leaving a Gift to the Foundation for Reading Area Community College

Many donors prefer to have their gift be used to meet the emerging needs of the college.  As the college grows and changes over time, it is difficult to predict the variety of ways the Foundation may be called upon to provide support to the college.  Gifts given outright to the Foundation for Reading Area Community College allows the Foundation to remain flexible and responsive to the college’s needs over time. These gifts may be used to provide operating support to the Foundation, which allows us to continue our mission of supporting the growing needs of the college.  They may be used to fund expenses for students that fall outside of the distribution criteria for existing endowed scholarships. Occasionally the Foundation is asked to assist with the purchase of equipment and supplies, particularly the Library, and support is always needed for any number of programs that may develop in response to the community need for education and training.

In this situation, the suggested language to be used in a will is:

"I give _________________________ (description of gift) to the Foundation for Reading Area Community College, its successors or assigns."

Leaving a Gift to an Existing Endowed Fund

Use the following language in your will to contribute to an endowment that is already established at The Foundation for Reading Area Community College:

"I give ______________________________________ (description of gift) to the Foundation for Reading Area Community College, its successors or assigns, to the____________________(name of endowment).

Creating a New Endowed Fund

To establish an endowed fund at the Foundation for Reading Area Community College, you may pre-sign an agreement expressing your desire for the use of your gift. Two signed agreements should be forwarded to the Foundation. One fully executed copy will be returned and the other kept in our file and activated when funds are received.

Using this approach, the suggested language to be used in a will is:

"I give ________________________________ (description of gift) to the Foundation for Reading Area Community College, its successors or assigns, to create the ______________________ (name of endowment) consistent with the 'Agreement' previously executed between me and the Foundation for Reading Area Community College."