Gift in Will Language

Federal Tax ID#47-

A bequest—a gift in your will—is simple and convenient. You can create a legacy through a bequest.

Your bequest can be a specific dollar amount or a percentage of your estate. You can designate your bequest for general use, or you can restrict its use. Many individuals establish endowments that honor the memory of a family member, a doctor who cared for them, or a loved one. These endowments live forever, since only the portion of the fund available for spending each year is paid out annually.

 

Examples of various types of bequests

Specific bequests are used to make a gift of a specific dollar amount or specific asset (such as securities, real estate, or personal property).

 

Residuary bequests are used to give all or a portion of the remainder of your estate after payment of expenses and any specific amounts designated to other beneficiaries.

 

Including University Hospital in your will:

The following includes several examples of suggested bequest wording to benefit University Hospital.
Each individual situation is unique; therefore, these examples include only some of the possible gift opportunities. We encourage you to discuss your intentions with us at University Hospital to ensure that your wishes will be properly followed and recognized.

Because a will is an important legal document, you should seek an attorney's help. To assist you with this important process we offer suggested wording below.

 

Percentage of estate for unrestricted purposes
"I give to The Foundation for University Hospital, a not-for-profit organization located in Newark, New Jersey, _____ percent (%) of the remainder of my estate for its general charitable purposes.”

Percentage of estate to establish an endowed fund
"I give to The Foundation for University Hospital, a not-for-profit organization located in Newark, New Jersey, _______ percent (%) of the remainder of my estate to establish the __________________ Endowed Fund. The portion of this fund available for spending each year shall be used to _______________________________. Contributions may be added to the Fund at any time.

If changed circumstances should at some future time make it impractical to continue administering the Fund for the purpose designated, then The Foundation for University Hospital Board of Trustees may redesignate the purpose, provided that the terms adhere as closely as possible to the original intent.”

Specific amount for unrestricted purposes
"I give to The Foundation for University Hospital, a not-for-profit organization located in Newark, New Jersey, the sum of $_________ in cash (or ________ shares of ______________ stock) to be used for its general charitable purposes."

Specific amount for specific purposes
"I give, devise, and bequeath to The Foundation for University Hospital, a not-for-profit organization located in Newark, New Jersey, the sum of $_________ in cash or in-kind (or ________ shares of ______________ stock) to be used for ______________________________________ at University Hospital.

If changed circumstances should at some future time make it impractical to continue administering the Fund for the purpose designated, then The Foundation for University Hospital Board of Trustees may redesignate the purpose, provided that the terms adhere as closely as possible to the original intent.”

Designating the purpose of a bequest

Unrestricted: The most useful type of bequest is unrestricted, allowing the funds to be allocated wherever the need is greatest, and taking into account that changes (cures, laws, etc.) may necessitate a use that cannot be anticipated at the time of the gift.

Restricted: You may designate your bequest to support a special program or purpose that reflects your interests (specific departments, research of a disease, or hospital support).

If the bequest is restricted to a specific purpose, it is important that the following wording be added at the end of the provision. This will ensure that, in the remote possibility a specified purpose may cease to need funds in the future, an alternate use for the bequest may be determined.

If changed circumstances should at some future time make it impractical to continue administering the Fund for the purpose designated, then The Foundation for University Hospital Board of Trustees may redesignate the purpose, provided that the terms adhere as closely as possible to the original intent.”

Please contact our Planned Giving Department (973) 972-1873 or email giving@uhnjfoundation.org to discuss your intentions and to share the news of your future gift. Thank you!

SAMPLE - Letter of Intent for Estate Gift

 

I/we desire to provide for the future well-being of University Hospital through a provision in my/our estate plans, and with this letter we are informing University Hospital of our plans.  I/we understand that my/our plans can be revoked or modified by me/us at any time.

 

______________________________________                      _________________________________________

Name                                                                                 Name

 

___________________________________________________________________________________________

Address

 

___________________________________________________________________________________________

City, State, Zip

 

I/we have made a provision to leave a legacy to University Hospital through my/our:

 

_____ Will

_____ Retirement Plan or IRA

_____ Living Trust

_____ Life Insurance Policy
_____ Other

 

 

_____ I/we wish to inform University Hospital (for long-term planning purposes only) that the current value of my/our future gift is: $ ____________________.  (This amount is kept confidential; if your gift is a percentage of your estate, please indicate the approximate value.)  I/we understand that by stating an amount my/our estate is not legally bound by this statement and that I/we may choose to add, subtract, or revoke this bequest at any time, at my/our sole discretion. 

 

_____ You may publish my/our names, without any dollar amounts, in your lists of legacy donors as a motivation for others to leave a future gift to benefit University Hospital.

 

_____ I/we do not want our names published.

 

  

 ___________________________      _____________________________________     ______________________     
Name (Printed)                              Signature                                                          Date

 ___________________________      _____________________________________     ______________________     

Name (Printed)                              Signature                                                          Date

         

 

We realize that circumstances change, and the bequest to us in your will or trust may no longer be possible at some future date.  Your family and friends come first, and that is why a bequest works for so many of our supporters – you can change your mind at any time.

 

Print and send to: 

The Foundation for University Hospital

150 Bergen Street, D 209c 

Newark, NJ  07103 

federal Tax id : 47-1686351

Heroes are here.  Still taking care of Newark and New Jersey's neediest.

For more information about how your contribution can truly make a difference, please contact the Foundation office at 973.972.1873 or email to giving@uhnjfoundation.org

150 Bergen Street, D 209 C

Newark, NJ  07103

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