John Carroll University's Bequest Language
An excellent way for you to support John Carroll University's mission is to leave us a bequest in your will, living trust or with a codicil or trust amendment. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.
There are a number of ways you can make a bequest to John Carroll University. You may name John Carroll University as a beneficiary of:
Please contact us if you have any questions about how to make a bequest to John Carroll University or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for John Carroll University in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift. Letting us know about your gift in advance also helps ensure that we understand and honor your wishes.
Types of Bequests
There are a number of ways you can make a bequest to John Carroll University. You may name John Carroll University as a beneficiary of:
- a specific dollar amount or asset
- a percentage of your estate
- a portion of or the entire residue of the estate after specific bequests are paid
You may also name John Carroll University as a contingent beneficiary of any of the above types of bequests should your first-named beneficiary (or beneficiaries) not survive you.
Bequest Benefits
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. 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.
Planning your Bequest
When you make a bequest to John Carroll, you should consider how you would like your gift to benefit the University. Bequests can be restricted to support a specific school or purpose or be unrestricted. In addition, the bequest will support an endowed fund that lasts in perpetuity or an operating fund that is spent upon receipt.
Restricted or Unrestricted
Restricted Bequest: directs
assets to a specific college, school, center, department, fund or purpose such as an athletic program or
scholarships. A restricted bequest may be used in support of an endowed or operating fund.
Unrestricted Bequest: allows John Carroll to determine how to use the funds. Unrestricted bequests are extremely valuable because the University can use such gifts to address its most pressing future needs.
Unrestricted Bequest: allows John Carroll to determine how to use the funds. Unrestricted bequests are extremely valuable because the University can use such gifts to address its most pressing future needs.
Endowed or Operating Fund
Endowed Fund*: An endowed fund is
permanent. It buys into the University endowment and is invested in perpetuity. Each year, a portion of
the value of the fund is paid out to support the fund's purpose (e.g., scholarships) and any earnings in
excess of this distribution are reinvested to build the fund's market value.
*A minimum investment (generally $50,000) is required to start an endowed fund. Please contact us for further details.
Operating Fund: An operating fund uses the capital donated in its entirety. It is spent upon receipt according to the donor's wishes.Bequest Language
A bequest to John Carroll would include language like this:
Unrestricted Bequest Language.
I give and devise to John Carroll University (Tax ID# 34-0714681), located in
University Heights, OH, (a) the sum of $ ____, or (b) ____ % of my estate to be used for the general
support of John Carroll University as the University shall determine.
Restricted Bequest Language.
I give and devise to John Carroll University (Tax ID# 34-0714681), located in
University Heights, OH, (a) the sum of $____ or (b) ____% of my estate to be used for the purposes of
___________________________ or if such use, in the judgment of the University is or shall become
impracticable or unwise, then for such purposes as John Carroll University shall determine.
Residuary Bequest Language.
A residual bequest comes to John Carroll after your estate expenses and specific
bequests are paid:
I give and devise to John Carroll University (Tax ID #34-0714681), located in University Heights, OH, (a) all or (b) _________% of the rest, residue and remainder of my estate, both real and personal, to be used (a) for the general support of John Carroll University as the University shall determine or (b) for the purposes of _____________________________________ or if such use, in the judgment of the University is or shall become impracticable or unwise, then for such purposes as John Carroll University shall determine.
I give and devise to John Carroll University (Tax ID #34-0714681), located in University Heights, OH, (a) all or (b) _________% of the rest, residue and remainder of my estate, both real and personal, to be used (a) for the general support of John Carroll University as the University shall determine or (b) for the purposes of _____________________________________ or if such use, in the judgment of the University is or shall become impracticable or unwise, then for such purposes as John Carroll University shall determine.
Contingent Gift Language.
John Carroll University can be named as a contingent beneficiary in your will or
personal trust if one or more of your specific bequests cannot be fulfilled: If the above-named legatees,
devisees or beneficiaries predecease me, I give and devise the same to John Carroll University (Tax ID#
34-0714681), located in University Heights, OH, to be used for (a) the general support of John Carroll University
as the University shall determine or (b) for the purposes of
______________________________________ or if such use, in the judgment of the University is or shall
become impracticable or unwise, then for such purposes as John Carroll University shall determine.
Contact Us
Please contact us if you have any questions about how to make a bequest to John Carroll University or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for John Carroll University in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift. Letting us know about your gift in advance also helps ensure that we understand and honor your wishes.