Bequest Gifts are the simplest of planned gifts. A bequest is simply a statement in a will that stipulates a gift to Hanover. A combination of both large and small bequests throughout the years has enabled the College to serve students by creating new programs, erecting new buildings, and building an endowment that helps provide for the long-term needs of Hanover College, including keeping tuition affordable.
Sample bequest language is provided below. Please note that the legal name of Hanover College is “Hanover College.” We encourage you to contact Kevin Berry if you are considering making a bequest to Hanover in your will.
LANGUAGE RELATING TO FORM OF BEQUEST
- The general bequest is probably the most popular type of bequest and is usually stated as a designated dollar amount. (Example: I leave to Hanover College located in Hanover, Indiana, the sum of $50,000.)
- A specific bequest may designate a particular item to be donated. (Example: I leave to Hanover College, located in Hanover, Indiana, 2000 shares of XYZ stock.) (Or, I leave to Hanover College, located in Hanover, Indiana, my savings account #23456 at First National Bank.)
- A devise is a bequest of real property. (Example: I leave to Hanover College, located in Hanover, Indiana, my vacation home located at 2146 Scenic Drive in Venice, Florida.)
- A residual bequest is used to give all – or a portion of – one’s estate after specific and general bequests are distributed. (Example: [after specifying any items or amounts to other beneficiaries] I give the rest, residue and remainder of my estate to Hanover College, located in Hanover, Indiana.)
- A percentage bequest allows the amount to be distributed to Hanover to grow over the years as the estate grows. (Example: [after specifying any items or amounts to other beneficiaries] I give to Hanover College, located in Hanover, Indiana, 50% of the rest, residue and remainder of my estate.)
- A contingent bequest is one that will take effect only if the primary intention cannot be met or if a beneficiary predeceases the donor. (Example: In the event that ____ predeceases me, I direct that Hanover College, located in Hanover, Indiana, receive his/her designated bequest.)
LANGUAGE RELATING TO ULTIMATE USE OF BEQUEST
Unrestricted: to be used for the benefit of Hanover College as is its Board of Trustees may determine.”
Endowment: to become part of the general endowment of Hanover College.”
Memorial Fund: to establish a fund known as the _____ Memorial Fund. The Board of Trustees of Hanover College, at its discretion, shall determine the use of the income for any purpose. Said Board of Trustees may authorize the expenditure of all or any part of the principal of the Fund for some project or special purpose or in connection with the erection of a building or the acquisition of a facility, provided that an appropriate memorial, evidenced by a plaque or marker, is established in the name of ______ .
Scholarship Fund: for the establishment of a scholarship fund to be known as the _____ Scholarship Fund, with the intent that this be an endowed scholarship fund with only the income being used to make scholarship awards or grants. If the bequest amount does not meet the Hanover College minimum requirements for an endowed scholarship at the time it is received, then the bequest shall be used for general scholarship support and designated as being in memory/recognition of _______ .
A specific purpose: to be used for the purpose of (be specific) or if such use, in the judgment of the Board of Trustees of Hanover College, is or shall become impractical or unwise, then for such purpose as said Board shall determine.
