Gifts in a Will or Trust

Benefits of Gifts in a Will or Trust

When you give a gift (also known as a “bequest”) to Asbury University in your will or trust, you model to your loved ones a legacy of generosity. You also help ensure that Asbury University will continue to make a difference well beyond your lifetime.

A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.

• Legacy. Extend the impact of your generosity well beyond your lifetime.
• Availability. Retain access to your God-given resources for the remainder of your lifetime, or for as long as you need them.
• Capacity. You can potentially make the largest gift you’ll ever have the ability to give.

Types of Bequests

There are a number of ways you can make a bequest to Asbury University:

• Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to Asbury University.
• Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Asbury University.
• Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Asbury University.
• Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Asbury University.

Sample Bequest Language

Download sample bequest language that you can include in your will or share with your attorney as they draft your estate plan documents.

7 Reasons to Review Your Will

Are you an empty nester? Have a new grandchild? It’s probably time to review your estate plans! Request “7 Reasons to Review Your Will”