Suggested Bequest Wordings

Saint Martin’s University is pleased to provide the following suggested wordings for various types of bequests for your attorney to use in drawing up your will. Your attorney can help you determine which version is right for you.

Regardless of the specific wording used, it’s important to use the proper legal name and location, as follows: “Saint Martin’s University, a Washington corporation located in Lacey, Thurston County, Washington.”

Notes:

1. We strongly encourage bequest donors to specify a percentage of their estate for the University, rather than a dollar sum. This approach is both fair to your other heirs and will protect Saint Martin’s share of the estate from the depreciation of its value due to the year-to- year effects of inflation.
2. If you plan to put a specific restriction on the use of your bequest (such as for endowment), please consult with the Office of Institutional Advancement to help assure the University can/will accept your restriction(s). Advancement staff will give you some ideas for the proper wording of your bequest to help assure it is used according to your wishes and to its fullest potential.

Unrestricted Bequest

I give to Saint Martin’s University, a Washington corporation located in Lacey, Thurston County, Washington, or its legal successor thereto [insert here the percent portion of the estate, sum of money, description of property, or “the rest, residue and remainder of my estate”], _________________________ _____________________________________________________________________________________ to be used for its general tax-exempt purposes and without other restrictions as to use.

Restricted Bequest

[Please check with the Office of Institutional Advancement about how to word restrictions so that your wishes will be carried out in the best manner possible.]

I give to Saint Martin’s University, a Washington corporation located in Lacey, Thurston County, Washington, or its legal successor thereto [insert here the percent portion of the estate, sum of money, description of property, or “the rest, residue and remainder of my estate”] to be used for [insert here the purpose for which the gift is to be used; e.g. “to support the Department of _____________________,” “to support a professorship in __________________,” “to provide scholarships for deserving students,” “to provide support for the library,” etc.] If in the future there is no longer a need for the funds so specified or it is unwise, in the judgment of the Board of Trustees of Saint Martin’s University, to use the gift for the purpose(s) specified above, then the Board of Trustees, in its discretion, may use the gift to fulfill such other tax-exempt charitable objectives as it may designate, keeping in mind the objective(s) set forth above and keeping as close as possible to the original purpose of the gift.

Unrestricted Bequest for Endowment

I give to Saint Martin’s University, a Washington corporation located in Lacey, Thurston County, Washington, or its legal successor thereto [insert here the percent portion of the estate, sum of money, description of property, or “the rest, residue and remainder of my estate”], _________________________ _____________________________________________________________________________________ ____________________________________________________________________________________, which bequest shall: 1) if large enough to meet the minimum sum required for a permanent endowment, be used to create a permanent endowment fund in my name [or name(s) of loved ones, mentor, etc.], of which the principal is kept intact and only the income and/or growth expended, to be administered in accordance with policies established by Saint Martin’s University for its general tax-exempt purposes and without other restrictions as to use; or, 2) if not large enough to meet the minimum sum required for a permanent endowment, be allocated to the general scholarship endowment fund of the University.

Restricted Bequest for Endowment

[Please check with the Office of Institutional Advancement about how to word restrictions so that your wishes will be carried out in the best manner possible.]

I give to Saint Martin’s University, a Washington corporation located in Lacey, Thurston County, Washington, or its legal successor thereto, [insert here the percent portion of the estate, sum of money, description of property, or “the rest, residue and remainder of my estate”] _______________________ __________________________________________________________________________________,
to be used for a permanent endowment fund [insert here the purpose for which the gift is to be used; e.g., “to support the Department of _________________,” “to support a professorship in ________________,” “to provide scholarships for deserving students,” “to support the library,” etc.] ______________________ _____________________________________________________________________________________ _____________________________________________________________________________________ The specific purpose(s) of the endowment fund, and criteria for which its investment income are to be spent for such purpose(s), shall be governed by an agreement with the University which is to be kept by its Office of Institutional Advancement. In the absence of such an agreement, or if the bequest does not meet the minimum sum required to create a permanent endowment fund, the Trustees of Saint Martin’s University are authorized to use the bequest or its investment earnings in the best manner possible for the purpose(s) specified above, as they may so designate. If in the future there is no longer a need for the funds so specified or it is unwise, in the judgment of the Trustees of Saint Martin’s University, to use the gift for the purpose(s) specified above, then the Board of Trustees may, in its discretion, use the gift to fulfill such other tax-exempt charitable objectives as it may designate, keeping in mind the purpose(s) of the gift set forth above and keeping as close as possible to the original purpose(s).

Note: Immediately following any of the above wordings, in order to reduce possible income taxes due on the estate, your attorney may add, “This gift shall be paid out of ‘income with respect of a decedent,’ as that term is defined in the Internal Revenue Code, to the fullest extent possible. If such ‘income with respect of a decedent’ as valued for U.S. estate tax purposes is insufficient to pay this bequest, then the bequest shall be paid to the extent necessary out of the general assets of my estate.”

Changing an Existing Will

If your current will is OK, but does not include a bequest for Saint Martin’s University, you can change it quickly and inexpensively to make a gift to the University by using a document called a “codicil.” This is a legal instrument used to modify an existing will.

Your attorney will be able to prepare a codicil for you by using the information provided here about Unrestricted and Restricted bequests.

Drafting or Modifying a Living Trust

Your attorney may use any of the information provided here to make a bequest provision for Saint Martin’s through a living trust, whether drafting the original trust document or modifying it.

Informing Saint Martin’s University

Your thoughtful plans mean a great deal to Saint Martin’s University and its future students. Such testamentary gifts will, over the years, provide a strong financial base to help fulfill the University’s mission in many ways. When you make a bequest to Saint Martin’s University, please notify us so we can express our appreciation for your generosity and recognize you appropriately.

Alumni and friends who have included Saint Martin’s in their wills (or made other “planned” gifts such as charitable trusts, gift annuities, gifts of life insurance, etc.) automatically become members of the Martin of Tours Legacy Society. Members of the Legacy Society are invited to special social and educational events, and they are recognized with other donors in University publications.

Once again, in addition to notifying us if you are making a bequest to the University, if you want to place a restriction on the use of your bequest, we ask you to contact the Office of Institutional Advancement to discuss the nature of the restriction and whether, or not, it is acceptable to the University. We will also help you with the appropriate wording for your restriction to be sure it is clearly written and, thereby, most effective. If you have questions, please contact us at (360) 438-4367, NPeters@stmartin.edu, or Saint Martin’s University, Office of Institutional Advancement, 5000 Abbey Way S.E., Lacey, WA 98503.