Types of Bequests

A charitable bequest may take any of several forms. Here are some examples:

A specific bequest is a gift of a specific dollar amount or a particular asset.

"I give to Seattle Preparatory School located at 2400 11th Avenue East, Seattle, Washington, 98102-4098, $_________ dollars ($DOLLARS), to be used for the benefit of said school in such a manner as the Board of Trustees may direct."

OR

"I give to Seattle Preparatory School located at 2400 11th Avenue East, Seattle, Washington, 98102-4098, # of shares of XYZ stock, to be used for the benefit of said school in such a manner as the Board of Trustees may direct."

A general bequest is a gift payable out of the general assets of your estate.

"I give to Seattle Preparatory School located at 2400 11th Avenue East, Seattle, Washington, 98102-4098, an amount equal to five percent (5%) of my adjusted gross estate, to be used for the benefit of said school in such a manner as the Board of Trustees may direct."

A residuary bequest is a gift of the rest of your estate remaining after all debts, taxes, expenses, and other bequests have been paid.

"I give Seattle Preparatory School located at 2400 11th Avenue East, Seattle, Washington, 98102-4098, the rest, residue and remainder of my estate, to be used for the benefit of said school in such a manner as the Board of Trustees may direct."

A contingent bequest takes effect only upon the occurrence or non-occurrence of a particular event.

"In the event my wife does not survive me, I give the sum of $ XXXX to Seattle Preparatory School, 2400 11th Avenue East, Seattle, Washington, 98102-4098, to be used for the benefit of said school in such a manner as the Board of Trustees may direct."

A bequest of personal property is a gift of personal property and household contents.

"I give to Seattle Preparatory School, 2400 11th Avenue East, Seattle, Washington, 98102-4098, all of my personal property, whether for personal or household use or otherwise, to be used for the benefit of Seattle Preparatory School."

A restricted bequest is used to support a particular program or area of interest. For any restricted bequest, it is important that you or your legal advisor discuss your plans with Seattle Prep before your estate plan is completed.

"I give to Seattle Preparatory School, 2400 11th Avenue East, Seattle, Washington, 98102-4098, (insert sum or description of property) to be used for (describe the primary purpose — such as financial aid, technology, etc.). (Note: use general language so that the restriction is not so limited as to prevent the school from applying the gift in the most efficient way.) If it is determined by the Board of Trustees of the school that all or part of the gift is no longer needed, or for any reason cannot be used for the stated purpose, then such portion of the gift may be used for other related purposes, which the Board of Trustees deems to be in the best interests of the school, giving consideration to the original purposes described above."

An endowment is a named fund that is separately managed and restricted. You may establish a fund that bears your family name, the names of you and your spouse, or another name of your choosing. The minimum for a named fund at Seattle Prep is $50,000. A named fund is held within the Seattle Preparatory School Endowment Fund. The principal of the endowment fund is retained and invested in perpetuity, and only the income is expended to benefit the school each year.

For any restricted endowment, it is important that you or your legal advisor discuss your plans with Seattle Prep before your estate plan is completed.

"I give to Seattle Preparatory School, 2400 11th Avenue East, Seattle, Washington, 98102-4098, $ XX,XXX (indicate the amount or the property to be given) to establish the John Doe Endowed Fund within the Seattle Preparatory School Endowment Fund. The income distributed from this endowment shall be used for (state purpose or area of interest). If it is determined by the Board of Trustees of the school that all or part of the gift is no longer needed, then the income from the fund may be used for other purposes, which the Board of Trustees deems to be in the best interests of the school, giving consideration to the original purposes described above."

The purpose of this site is to provide information of a general character only. Seattle Preparatory School is in no way dispensing legal or financial advice or counsel. Laws vary widely, therefore the services of an attorney or other professional advisor should be obtained before completing your gift.

If you would like to support a particular program or endowment, please contact us so we can ensure your gift will be used as intended.