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SAMPLE BEQUEST CLAUSES

The provisions in your Will for making a gift to the Elgin Community College Foundation will depend upon the type of gift and your unique circumstances. We hope these specimen provisions will be helpful to your attorney.

Although it is possible to designate a specific purpose for your gift by Will, the needs of the Foundation do change from time to time. Thus, if a specific purpose is stated, it is preferable to authorize the Board of Directors of the Elgin Community College Foundation to use the gift for other purposes if the Board determines that the designated use is no longer appropriate.

UNRESTRICTED GENERAL LEGACY

"I bequeath to the Elgin Community College Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the City of Elgin in said State, the sum of _____________ ($ ) Dollars for its general purposes."

GIFT FOR SPECIFIC PURPOSES

"I bequeath to the Elgin Community College Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the City of Elgin in said State, the sum of _____________ ($ ) Dollars to be used for _________________________________. If in the opinion of the Foundation's Board of Directors the purpose of the Foundation would be better served by using the income or principal, or both, for the Foundation's general purposes, the income or principal, or both, may so be used."

Where the Donor wishes to clearly delineate the uses to which the charitable bequest should be put, a separate Fund Agreement outlining the Donor's wishes can be executed and signed by an officer of the Foundation. This Agreement could be referenced as follows:

"I bequeath to the Elgin Community College Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the City of Elgin in said State, the sum of _____________ ($ ) Dollars to be used for the purposes as set forth in the ________ Fund Agreement as executed by me and the Elgin Community College Foundation and which is incorporated herein by reference."

SPECIFIC LEGACY

"I bequeath my art collection consisting of paintings and sculptures to the Elgin Community College Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the City of Elgin in said State, for its general purposes."

GIFT OF RESIDUARY ESTATE

"I give, devise and bequeath the residue of the property owned by me at my death, real and personal, of whatever nature and wherever situated, to the Elgin Community College Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the City of Elgin in said State, for its general purposes."

CONTINGENT GIFT OF RESIDUARY ESTATE

"I give, devise and bequeath the residue of the property owned by me at my death, real and personal, of whatever nature and wherever situated, to my wife/husband, __________________, if she/he survives me. If my wife/husband does not survive me, I devise and bequeath my residuary estate to the Elgin Community College Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the City of Elgin in said State, for its general purposes."

AMOUNT OF GIFT DEPENDENT ON SIZE OF ESTATE

"I bequeath the sum of _______________ ($ ) Dollars or _____% of my adjusted gross estate as finally determined for federal estate tax purposes, whichever is the lesser, to the Elgin Community College Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the City of Elgin in said State."

DIRECTION OF GIFT BE FREE OF TAXES

"I direct that no estate or inheritance taxes be paid from the share of any property devised or bequeathed to the Elgin Community College Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the City of Elgin in said State."

PROVISION PROVIDING FOR PAYMENT OF PLEDGE AS A DEBT

"I direct my executor to pay, as a debt of my estate, to the Elgin Community College Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the City of Elgin in said State, any balance which is due or will become due under the terms of any pledges made by me during my lifetime.

PROVISION PROVIDING FOR PAYMENT OF A PLEDGE AS A BEQUEST

"On ______________________ I made a revocable pledge (not binding on my estate) to the Elgin Community College Foundation, a corporation duly existing under the laws of the State of Illinois, and located in the City of Elgin in said State of $_________. I give the Elgin Community College Foundation $________ minus the amounts of any charitable gifts I may have made to the Elgin Community College Foundation from (date of revocable pledge) to the date of my death."

The donor should keep records which will enable his/her executor to ascertain the amount of any outright gifts made to the charity from the date of the pledge to the date of his/her death.
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