Bequests


A bequest by will, revocable living trust, or similar plan preserves the donor’s financial security. In addition to cash and securities, bequests to the St. Catherine’s College (Oxford) Foundation may include real estate, works of art, rare books, patent rights, or virtually anything of value. All outright bequests to the Foundation are exempt from federal estate taxation.

Assets from an estate can pass under will or trust to legatees in the following ways:

The donor directs that a specific dollar amount come to the Foundation. With this option, donors know exactly what sum will be applied to the use of their choice.

Similarly, a donor can designate a specific item or asset to be given to the Foundation. Prior consultation will ensure that the asset will fit the College’s long-term plans.

A donor may specify a percentage of the value of the estate for the Foundation.

When making or revising a will, a donor should obtain the assistance of a lawyer. The Foundation would be pleased to work with a donor and his or her lawyer to design an estate plan specifically tailored to the donor’s wishes. Following are suggested forms for making various types of bequests.

Outright bequest in will:

Specific dollar amount:

"I bequeath the sum of ($ ), without reduction for any tax occasioned by my death, to the St. Catherine’s College (Oxford) Foundation, a District of Columbia non-profit corporation having a principal place of business in Washington, DC, to be used or disposed of as the Foundation in its sole discretion deems appropriate."

Percent of estate:

"I bequeath (____) percent of my estate, without reduction for any tax occasioned by my death, to the St. Catherine’s College (Oxford) Foundation, a District of Columbia non-profit corporation having a principal place of business in Washington, DC, to be used or disposed of as the Foundation in its sole discretion deems appropriate."

Specific property (personal property):

"I bequeath (describe property) the St. Catherine’s College (Oxford) Foundation, a District of Columbia non-profit corporation having a principal place of business in Washington, DC, to be used or disposed of as the Foundation in its sole discretion deems appropriate."

Specific property (real estate):

"I devise all of my right, title, and interest in and to the real estate located at (give address or otherwise describe property) to the St. Catherine’s College (Oxford) Foundation, a District of Columbia non-profit corporation having a principal place of business in Washington, DC, to be used or disposed of as the Foundation in its sole discretion deems appropriate."

Share of or entire residue of estate:

"I devise and bequeath [(all) OR (percent)] of the remainder of my property, without reduction for any tax occasioned by my death, to the St. Catherine’s College (Oxford) Foundation, a District of Columbia non-profit corporation having a principal place of business in Washington, DC, to be used or disposed of as the Foundation in its sole discretion deems appropriate."

Conditional bequest in will:

Insert the conditional language in one or more of the above provisions. For example:

"If my husband (wife) does not survive me, I bequeath the sum of $ , without reduction for any tax occasioned by my death to the St. Catherine’s College (Oxford) Foundation, a District of Columbia non-profit corporation having a principal place of business in Washington, DC, to be used or disposed of as the Foundation in its sole discretion deems appropriate."

If the gift to the St. Catherine’s College (Oxford) Foundation is for a specific purpose, insert the restriction in place of the words "to be used or disposed of as the Foundation in its sole discretion deems appropriate." For example:

"I bequeath the sum of $ , without reduction for any tax occasioned by my death, to the St. Catherine’s College (Oxford) Foundation, a District of Columbia non-profit corporation having a principal place of business in Washington, DC, for the following use and purpose: (describe) ."

In the event of a gift subject to a restriction, one of the following provisions are suggested:

"However, I impose no legal or equitable obligation in this regard."

-or-

"If in the judgment of the St. Catherine’s College (Oxford) Foundation it has become, or is likely to become, impossible or impracticable to accomplish the purpose of this gift, the income or principal, or both, of this gift may be used for such related purpose and in such a manner as determined by the St. Catherine’s College (Oxford) Foundation."

Provisions for family members should, of course, come first in a donor’s estate plans. A gift of all, a specific amount, or a percentage of the residue ensures that the donor’s personal and charitable goals are both met.

The donor should always consult an attorney when drawing up a will or other long-range financial plans, as tax and other laws vary from state to state and change often.