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Sample Gift Language for your Will or Revocable Living Trust

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Sample Gift Language for your Will or Revocable Living Trust

If you are contemplating creating a bequest in your will that lives on for the students and programs at the Harvard T.H. Chan School of Public Health, here is the specific language to use so that your intentions may be followed.

There is no minimum amount for a bequest—all gifts are welcomed and appreciated.

Outright (Simple) Bequest Language

“I irrevocably give, devise, and bequeath to The President and Fellows of Harvard for the Harvard T.H. Chan School of Public Health, Tax ID# 04-2103580, 124 Mt. Auburn St., Cambridge, MA 02138 the sum of $_________________________ [or a description of a specific asset], for the benefit of the Harvard T.H. Chan School of Public Health to be used for the following purpose: [state the purpose]. If at any time in the judgment of the trustees of the Harvard Chan School it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose.”

Residual Gift Language

Residuary bequests are made when you intend to leave the rest of your assets after other terms of the will have been satisfied. Here is sample language to use:

“All the rest, residue, and remainder of my estate, both real and personal, I irrevocably give to The President and Fellows of Harvard for the benefit of the Harvard T.H. Chan School of Public Health, Tax ID# 04-2103580, 124 Mt. Auburn St., Cambridge, MA 02138 for its general purposes [or specific purpose—stated here]. If at any time in the judgment of the trustees of the Harvard Chan School it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose.”

Specific Gift Language

Naming the Harvard T.H. Chan School of Public Health as a beneficiary of a specific amount from your estate is easy:

“I give and devise to The President and Fellows of Harvard for the Harvard T.H. Chan School of Public Health, Tax ID# 04-2103580, 124 Mt. Auburn St., Cambridge, MA 02138, the sum of $___________ (or asset) to be used for its general support (or for the support of a specific fund or program). If at any time in the judgment of the trustees of the School of Public Health it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose.”

Contingent Gift Language

The Harvard T.H. Chan School of Public Health or its affiliates 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 (insert name) is not living at the time of my demise, I give and devise to The President and Fellows of Harvard for the Harvard T.H. Chan School of Public Health, Tax ID# 04-2103580, 124 Mt. Auburn St., Cambridge, MA 02138, the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program). If at any time in the judgment of the trustees of the School of Public Health it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose.”

Retirement Plan Beneficiary Language

You may name the Harvard T.H. Chan School of Public Health (Tax ID #04-2103580) as a beneficiary of your IRA or other qualified retirement benefits. Donors should consult with their tax advisor regarding the tax benefits of such gifts.

Naming the Harvard Chan School as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or profit-sharing pension plan will accomplish a charitable goal while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming the Harvard Chan School as a beneficiary of a retirement plan, the donor maintains complete control over the asset while living, but at the donor's death the plan passes to support the Harvard Chan School free of both estate and income taxes.

Making a charitable gift from your retirement plan is easy and should not cost you any attorney fees. Simply request a change-of-beneficiary form from your plan administrator. When you have finished, please return the form to your plan administrator and notify the Harvard T.H. Chan School of Public Health. We can also assist you with the proper language for your beneficiary designation to the Harvard Chan School.

Customized Language

If you or your attorney would like the Harvard Chan School to provide you with customized beneficiary language that is specific to your goal and interest, please contact us.

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Next: Will Planning Wizard

Please contact us so that we can assist you through every step of the process.

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The material presented on this Planned Giving website is not offered as legal or tax advice.
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The material presented on this Planned Giving website is not offered as legal or tax advice.
Read full disclaimer|Sitemap|Planned Giving Content © 2017 VirtualGiving.com