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Bequest Language

pdficon_large.gif Printable Bequest Language

Suggested Bequest Language for the University of Hartford

To make a bequest to the University of Hartford you may create a new will, add a codicil to your current will, and include the University in your revocable trust. When discussing your bequest intentions with your personal advisor, please also consider the tax advantages your estate might receive by using similar language to name the University as the residual beneficiary of your qualified retirement plan or insurance policy.

There are two principal types of bequests: specific and residuary.

In a specific bequest, your will would specify a dollar amount or a particular asset, such as securities, real estate or tangible personal property, such as rare books or valuable artwork.

In a residuary bequest, your will would give the University of Hartford all or a percentage of the remainder of your estate after the payment of estate-related expenses and other specifically named legacies.

Whether your bequest to the University of Hartford is in the form of cash, securities, real estate, or other property, the gift is deductible for federal estate tax purposes, with no limit on the amount of the charitable estate tax deduction. A bequest to the University does not generally incur state inheritance taxes. A gift through your estate provides the following benefits:

  • The opportunity to make a major gift while preserving assets during your lifetime;
  • Reduction in federal estate taxes;
  • Significant, and much appreciated, support for the University of Hartford in your name and/or area of specific interest at the University.

A specific bequest for the University of Hartford might read as follows:

"I give the sum of _____ dollars ($____) or (description of personal property) to 'The University of Hartford, West Hartford, Connecticut, (E.I.N. 06-0731360),' to be used or disposed of for its general charitable purposes."

An example of a residuary bequest:

"I give ____ percent of the residue of my estate to ‘The University of Hartford, West Hartford, Connecticut, (E.I.N. 06-0731360),’ to be used or disposed of for its general charitable purposes."

If you wish your bequest to be applied to a specific purpose at the University of Hartford, the following example should be helpful:

"I give (the sum of ____ dollars) or (____ percent of the residual of my estate) to ‘The University of Hartford, West Hartford, Connecticut, (E.I.N. 06-0731360),’ with a preference that the income only be used for the following purpose: (to be stated by the donor)."

In order for the University to best accomplish the desired purpose of your bequest, it would be helpful to have worked with us to create and execute a mutually-acceptable “Deed of Gift” governing any named, endowed fund or special purpose that you may wish to create through your estate. Any member of the Institutional Advancement Office would be delighted to talk with you about that process.

Bequests and assignments to specific colleges, schools, and programs that are part of the University are permissible and welcomed, but gifts with the broadest scope and least restrictive designations are in most cases considered to be preferable to more restrictive gifts.

Please bear in mind that revenue generated by an endowed fund can only be spent if it meets the exact specifications provided by the donor by means of an appropriate testamentary instrument. This can be taken care of most effectively during the donor’s lifetime by creating a “deed of gift” document with the University’s planned giving staff. Donors should take care to provide the University with an alternative spending option should the name of the program or the originally intended purpose of the Fund either change or cease to exist in the fullness of time.

One suggestion is to make sure that the following sentence is included in your bequest provision if you haven’t already included it in your deed of gift:

“In the event that there occurs a change or failure of the circumstances to such an extent that the original purpose of the Fund ceases to exist, the Regents have the power and authority to use the Fund and its income at their discretion for general uses and purposes or for a purpose that most closely approximates the original purpose of the Fund.”

Another suggestion is to make your bequest to The University of Hartford as described above, and insert the phrase “. . . with a preference for {specify a college, school, fund or program}”. This will ensure that the University has the greatest flexibility in honoring your original intent.

Following are the currently preferred designations within the University of Hartford:

College of Arts and Sciences

Barney School of Business

College of Education, Nursing, and Health Professions

College of Engineering, Technology, and Architecture

The Maurice Greenberg Center for Judaic Studies

Hartford Art School – Gifts to be designated to the Hartford Art School should be referred to either “The University of Hartford’s Hartford Art School” or to the “Hartford Art School, Inc., a corporation that maintains an endowment for the benefit of the Hartford Art School of the University of Hartford”

Hartford College for Women – Bequests intended for the Hartford College for Women should be directed to the following entity which continues to support the legacy and the mission of the HCW:
    Women’s Education and Leadership Fund

The Hartt School

University of Hartford Athletics

University Libraries:
    William H. Mortensen Library or
    Allen Memorial Library

If you or your advisers have any questions about your charitable plans or intentions for the University of Hartford, please contact our Director of Planned Giving.

Please note that The University of Hartford does not provide tax or legal advice. Gift calculations may be provided for illustrative purposes only, and the actual values may vary based on the timing and nature of your gift. Advice from legal and tax counsel should be sought when considering a charitable gift of any kind.

 

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