Gifts Through Bequests
At least half of all Americans die without a current legal Will despite the fact that most people have some assets, as well as loved ones about whom they are concerned. Providing for family, friends and religious or charitable organizations, like Texas Lutheran University, who have played and important roll in one’s life is the primary goal for making your wishes known in a legal manner through a Will. Charitable bequests are favored by tax laws and are deducted from the value of your estate before estate taxes, if any are assessed, allowing you to provide in the most effective way possible for all of your beneficiaries.
There are several types of bequests
Specific BequestA Specific Bequest leaves a specific item or amount.
Example: "I give and devise the sum of $10,000 to Texas Lutheran University located in Seguin, Texas, or its successors, for such uses and purposes as its governing board shall deem necessary and proper." OR, "I give and devise an amount of five percent of my net estate to ..."
Residual BequestA Residual Bequest provides for the distribution of any assets remaining in your estate after all other bequests have been satisfied.
Example: "I give and devise all the rest, residue and remainder of my estate to Texas Lutheran University located in Seguin, Texas, or its successors, for such uses and purposes as its governing board shall deem necessary and proper."
Contingent BequestA Contingent Bequest takes effect only if the person(s) designated as the beneficiary in the Will dies before the maker of the will.
Example: "If at the time of my death I am not survived by my wife, any of my children, or any of my children's issue, I devise all of said property as follows:
- Fifty percent thereof to TLU, located in Seguin, TX, or its successors for such uses as its governing board shall deem necessary and advisable, and
- Fifty percent thereof to My Congregation, in Wherever, Texas, or its successors, for such uses as its governing board shall deem necessary and advisable."
Designation of Your Gift
TLU realizes that many donors have special interests they may desire to support within the university community rather than leaving the use of the bequest up to the governing board. In order to honor each donor’s wishes, gifts may be designated. If possible, it is recommended that donors consult the development office before drafting a detailed plan for specific gifts to ensure that all plans can be executed in an efficient and timely manner.
Amending Your Will
If you already have a legal current Will, a gift may be added by an amendment called a codicil. The following is an example of a codicil:
"This is a codicil to my Will. In addition to other gifts, I give an amount equal to ten percent of my gross estate to Texas Lutheran University in honor of Professor Beck. This gift is an unrestricted gift to be used as directed by the Board of Regents of TLU. I do want Professor Norm Beck’s name associated with this gift. Signed on May 12, 2002."
The codicil should be entirely in your own handwriting and should be signed by you and two disinterested witnesses. As with any change to your Will or financial plans, we recommend that you consult your attorney for advice.
Creating a Will
Whether or not it includes Texas Lutheran as a beneficiary, we encourage you to create a Will. The best way to ensure that your wishes will be carried out is to have a lawyer draft a last Will and Testament for you. There are also services available that allow you to create a Will online. Two sources that you may find helpful are
www.Freewills.com and
www.AmericaWills.com.*
Additional information
For more information and details about gift planning, call Renee Rehfeld, assitant vice president for development, 830-372-8030 or fill out a
request form.
*These sources are provided for information purposes only and their listing on this page should not be construed as a recommendation or endorsement. Website names are property of their respective owners.
