Estate Planning
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Bequest Language
BEQUESTS TO THE SAGE COLLEGES
A bequest to The Sage Colleges is a way of perpetuating your support for the role the College plays in the lives of others. It also enables a donor to make a major gift that might otherwise not be possible.
A will may leave to the Colleges a specific cash amount or property, or it may reserve for the Colleges all or a certain percentage of the property remaining after provisions for family members and other beneficiaries. The donor may stipulate whether the bequest is for the general support of the College or for a specific purpose. A bequest may also be made in honor or memory of another individual.
In addition to cash and securities, bequests to the Colleges may include real estate, works of art, books, or virtually anything of value. All outright bequests to the College are exempt from federal estate taxation.
SUGGESTED FORMS OF BEQUESTS
When making or revising a will, a donor should obtain the assistance of a lawyer. Following are suggested forms for making various types of bequests:
- Outright bequest in will:
- A. Specific dollar amount:
"I bequeath the sum of $____________, without reduction for any tax occasioned by my death, to The Sage Colleges, a New York non-profit corporation having a principal place of business in Troy, New York, to be used or disposed of at the discretion of the Trustees for the benefit of The Sage Colleges."
B. Specific property (personal property):
"I bequeath (describe property) to The Sage Colleges, a New York non-profit corporation having a principal place of business in Troy, New York, to be used or disposed of at the discretion of the Trustees for the benefit of The Sage Colleges."
C. Specific property (real estate):
"I devise all of my right, title, and interest in and to the real estate located at (give address or otherwise describe property) of The Sage Colleges, a New York non-profit corporation having a principal place of business in Troy, New York, to be used or disposed of at the discretion of the Trustees for the benefit of The Sage Colleges."
D. Share or entire residue of estate:
"I devise and bequeath (all) (_______percent) of the remainder of my property, without reduction for any tax occasioned by my death, to The Sage Colleges, a New York non-profit corporation having a principal place of business in Troy, New York, to be used or disposed of at the discretion of the Trustees for the benefit of The Sage Colleges."
2. Conditional bequest in will:
- "If my husband (wife) does not survive me, I bequeath the sum of $_________ without reduction for any tax occasioned by my death to The Sage Colleges, a New York non-profit corporation having a principal place of business in Troy, New York, to be used or disposed of at the discretion of Trustees for the benefit of The Sage Colleges."
If the gift to The Sage Colleges is for a purpose other than its unrestricted use, insert the restriction in place of the words "to be used or disposed of at the discretion of the Trustees for the benefit of The Sage Colleges." For example:
"I bequeath the sum of $___________, without reduction for any tax occasioned by my death, to The Sage Colleges, a New York non-profit corporation having a principal place of business in Troy, New York, for the following use and purpose: (describe)___________________."
In the event of a gift subject to a restriction, we suggest including one of the following provisions:
"However, I impose no legal or equitable obligation in this regard."
-or-
"If in the judgment of Trustees of The Sage Colleges it has become, or is likely to become, impossible or impractical to accomplish the purpose of this gift, the income or principal, or both, of this gift may be used for such related purpose and in such a manner as determined by Trustees of The Sage Colleges."
Click here to share the bequest intention form for The Sage Colleges with your estate planning attorney.
