A planned gift may enable you to make a more significant gift than you thought possible while at the same time allowing you to achieve your financial, charitable and estate planning goals.
You can name "Ohio Dominican University, Columbus, Ohio" and other charitable organizations in your will at the time the will is written or when you revise your will.
If you have a current will, your attorney can add a codicil - a simple amendment - to include a charitable bequest.
Bequests to Ohio Dominican University
Bequests to ODU can take several forms. You can indicate the amount of money or the specific assets that should go to Ohio Dominican. You can even specify that Ohio Dominican would receive a bequest a_er your children, parents, or other primary beneficiaries are provided for, or in the event that they do not survive you.
Samples of these various forms are provided below. You should ask your attorney to adapt these samples for use in your will or codicil:
"I give, devise and bequeath to Ohio Dominican University, Columbus, Ohio, the sum of $___ (or a specific asset) to be used for ..." (See information on designation below)
Percentage of Estate
"I give, devise and bequeath to Ohio Dominican University, Columbus, Ohio, ___% of my estate to be used for ..." (See information on designation below)
"I give, devise and bequeath all the rest, residue and remainder of my estate, both real and personal property of whatever kind and wherever situated, which I may own or have the right to dispose of at the time of my death, to Ohio Dominican University, Columbus, Ohio, to be used for ..." (See information on designation below)
"I give, devise and bequeath to (Named Beneficiary) the sum of $___ (or ___% of the estate), but if he/she shall not be living, then I give, devise and bequeath the same to Ohio Dominican University, Columbus, Ohio, to be used for ..." (See information on designation below)
A Testamentary Trust
All or part of your estate may be left in trust to provide income to your beneficiaries. Upon the death of the survivor, or after a predetermined number of years, the principal goes to Ohio Dominican.
Gift Designation: The Use of Your Bequest
Just as in a gift of cash, your bequest can be unrestricted, meaning that you will leave it up to the President and Ohio Dominican University Board of Trustees to determine how best to use your gift when it is received.
It is also possible to designate that your bequest should benefit a specific use at Ohio Dominican such as
- scholarships for needy students
- merit scholarships to recognize academic excellence
- academic program support
- faculty support
- athletics and other extra-curricular programs
- improvements to the campus, buildings and grounds of Ohio Dominican.
It is usually advisable to consult with a member of the Ohio Dominican University Advancement staff who will assist you in developing a designation that will be meaningful to both you and the University.
In the drafting of all bequests having a restricted purpose, we respectfully request that you and your attorney consider a clause to permit Ohio Dominican the flexibility in meeting your wishes.
Such a clause might read as follows:
"If, at the time this bequest is received by Ohio Dominican University, or anytime thereafter, the need for this fund should cease to exist or so diminish as to provide unused income, then another use shall be designated by the Ohio Dominican University Board of Trustees as recommended by the appropriate school official in order to carry out the desire of the donor."
A Word About Taxes
Unlike a cash gift, a bequest will not provide you with an income tax deduction. However, your estate will receive an estate tax charitable deduction for the fair market value of your charitable bequests.
Your attorney, accountant and other advisors can give you more detailed information about the tax consequences of your estate plans.
Confidentiality & Recognition
There is, of course, no obligation to tell Ohio Dominican about your bequest. However, we would be happy to work with you and your advisors to develop bequest language and endowment descriptions that will be mutually beneficial to Ohio Dominican and you. Should you choose to be recognized, Ohio Dominican gives special recognition to all alumni and friends who have named Ohio Dominican in their wills.
Bequest Notification Form
To let us know about your planned bequest, please download and complete this confidential bequest notification form before. Mail to University Advancement, Ohio Dominican University, 1216 Sunbury Road, Columbus, OH, 43219.