By naming the College as a beneficiary of your will or revocable living trust, you will be able to create your legacy at Beloit College. After your death, your executor or trustee will inventory and value your estate and then distribute the assets to the beneficiaries you name. How much Beloit will receive and how that amount is determined will depend on how your bequest provision is written:
| Specific bequest: | You give an exact sum of money or particular items of property to Beloit, such as $10,000, or “my savings bonds.” |
| Percentage bequest: | You bequeath a percentage of the total value of your estate to Beloit. |
| Residuary bequest: | You direct that the remainder or residue of your estate will go to Beloit after all specific bequests have been fulfilled. |
| Contingent bequest: | You specify that Beloit will receive any bequests that cannot be fulfilled. |
Sample Bequest Language:
The following sample bequest provisions will assist you and your attorney in drafting the language of your bequest.
For unrestricted current purposes:
I give, devise, and bequeath to The Board of Trustees of Beloit College (insert sum, property description, or estate distribution percentage) which shall be used in support of the greatest needs of Beloit College as determined by the Board of Trustees.
For the general endowment:
I give, devise, and bequeath to The Board of Trustees of Beloit College (insert sum, property description, or estate distribution percentage) which shall be added to the Beloit College general endowment fund, with the principal invested and the income distributed annually for meeting the greatest needs of Beloit College as determined by the Board of Trustees.
For a restricted named endowment fund (minimum $50,000):
I give, devise, and bequeath to The Board of Trustees of Beloit College (insert sum, property description, or estate distribution percentage) which shall be used to establish the (insert name) Fund at Beloit College. The (insert name) Fund shall be held as an endowment, with the principal invested and the income distributed solely for (insert specific purpose and include requirements, criteria, etc. which must be met by recipients/users of the income).
For questions regarding bequests email our Gift Planning Assistant, or call 800-331-4943 or 608-363-2533.