Bequests to Baldwin-Wallace College come in many forms. The following examples are offered to you and your legal counsel as you consider ways to help further the mission of Baldwin-Wallace College through estate planning:
1. A General Bequest
This form of giving provides maximum benefit by leaving funds or property to charity without designation as to it use:
“I give (dollar amount) to Baldwin-Wallace College to be used for its exempt purposes.”
2. A Specific Bequest
This bequest identifies a specific piece of property to be given to charity:
“I bequeath 500 shares of General Electric Co. common stock to Baldwin-Wallace College, to be used for its exempt purposes.”
3. A Residuary Bequest
This form of gift directs all or a portion of one’s estate to charity after payment of debts, taxes and expenses of estate administration:
“All the rest, residue and remainder of my estate I give to Baldwin-Wallace College
be used for its exempt purposes."
4. A Percentage Bequest
A donor may choose to give a portion of his or her estate to charity, expressed in percentage form:
"I give 50% of my estate to Baldwin-Wallace College to be used for its exempt
purposes."
5. A Contingent Bequest
Should you decide to leave a bequest to an individual, and he or she dies before you, a charitable gift may be made of that bequest:
“If (name of the individual) predeceases me or disclaims any interest in my residence located at 123 Main Street, Cleveland, Ohio, then I give such property to Baldwin-Wallace College.”
6. A Restricted Bequest
You may wish to designate your estate gift to Baldwin-Wallace for a specific purpose, such as a scholarship or to support a specific academic department. However, to avoid obsolescence, please utilize broad language:
“I give $50,000 to Baldwin-Wallace College to support the John A. Smith Scholarship Fund. However, if the President (or Board of Trustees) of Baldwin-Wallace College determines that it is not feasible or economical to use this gift for this purpose, then such gift shall be used for such exempt purposes as the President (or Board of Trustees) directs.”
For additional information or assistance regarding bequest language or other aspects of charitable estate planning, please contact:
Mike Walczak (440) 826-3558 mwalczak@bw.edu
Tom Konkoly (440) 826-3460 tkonkoly@bw.edu
275 Eastland Rd.