Bequests
Bequests are a convenient way to leave a lasting legacy to Agnes Scott. After providing for your loved ones, making a bequest to Agnes Scott ensures that your remaining property is put to good use after you no longer need it.
When you make a provision for Agnes Scott College in your will or revocable living trust, you are making a bequest. The bequest may be for a specific dollar amount or a percentage of your estate.
You may also name Agnes Scott College as a residual beneficiary, which means the college's gift is not made until all specific bequests, expenses, debts and taxes have been paid.
If you make provisions for Agnes Scott in your will or revocable living trust, you may indicate how you wish the college to use your gift. You may, for example, restrict the bequest for endowment, in support of scholarships or faculty development or an academic program. You may also make the bequest unrestricted, making funds available where the college needs them most.
A bequest gift may be included in your original will or added by a simple codicil at a later time.
Suggested Bequest Language
Please consult with your attorney or accountant on how this general information relates to your specific financial and estate planning situation. The Office of Development is pleased to provide you or your advisors with more detailed information.
1. Specific bequest, unrestricted purpose
“I give and bequeath to Agnes Scott College, in Decatur, Georgia, the sum of [xxx] dollars. This gift shall be used to further the educational mission of Agnes Scott College in such a manner as the Trustees of the college may direct.”
2. Specific bequest, restricted for endowment
“I give and bequeath to Agnes Scott College, in Decatur, Georgia, the sum of [xxx] dollars to create an endowed fund to be named [xxx], which shall be invested as the Trustees of the college may deem best. Distributions from the endowed fund shall be made each year in accordance with the spending policies of the college and shall be used for [scholarships] [faculty compensation] [the study of the sciences] at Agnes Scott College. The fund, for purposes of investment, may be combined with other funds of Agnes Scott College.”
3. Percentage bequest
“I give an bequeath to Agnes Scott College, in Decatur, Georgia, [xx] percent of my estate, to be used to further the educational mission of Agnes Scott College in such a manner as the Trustees of the college may direct” (or for another purpose specified by testator, see example 2 above.)
4. Bequest of residuary estate
“All the rest, residue and remainder of my estate, both real and personal property and whatever kind and wheresoever situated, which I may own or have the right to dispose of at the time of my death, I give and bequeath to Agnes Scott College, in Decatur, Georgia, to be used to further the educational mission of Agnes Scott College in such a manner as the Trustees of the College may direct” (or for another purpose specified, see example 2 above.)
5. Percentage bequest of residuary estate
“I give and bequeath to Agnes Scott College, in Decatur, Georgia, [xx] percent of my residuary estate, to be used to further the educational mission of Agnes Scott College in such a manner as the Trustees of the college may direct” (or for another purpose specified, see example 2 above)
6. Codicil to Last Will and Testament
“I, [Katherine Smith], hereby amend my Last Will and Testament, executed on the [twelfth] day of [April], in the year [2008]. I direct that all provisions of that Will remain in effect but in addition direct that Agnes Scott College, in Decatur, Georgia, shall receive the sum of [xxx] dollars to be used to further the educational mission of the college in such a manner as the Trustees of the college may direct.”
Request for Savings Clause
As the passage of time may cause some of the college’s needs to change, we recommend that restrictions of bequest gifts be stated broadly. If your bequest is restricted for a particular purpose, the college requests that you and your attorney incorporate a “savings clause.” Such a clause might read as follows:
“If at the time this bequest is received by Agnes Scott College, or any time thereafter, the Trustees of the college determine that all or any part of said income from the Fund can no longer be utilized to best advantage for the institutional purpose designated herein, then all or any part of said income may be used for such other institutional purpose which, in the sole discretion of the Trustees, shall most closely carry out my intention.”
If you would like more information, contact Amy Nash at 800 868-8602, ext. 6303 or
anash@agnesscott.edu.