Bequest Language

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.

Charitable Bequests

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:

Specific Bequest

"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)

Residuary Bequest

"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)

Contingent Bequest

"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.

Flexibility

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.

Not Sure How to Begin Planning?Download our FREE Personal Estate Planning Kit

A charitable bequest is one or two sentences in your will or living trust that leave to Ohio Dominican University a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Ohio Dominican University, a nonprofit corporation currently located at 1216 Sunbury Road, Columbus, OH 43219, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to ODU or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to ODU as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to ODU as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and ODU where you agree to make a gift to ODU and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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