Bequest Language
BEQUEST LANGUAGE
A bequest is a gift from your estate plan that will help ensure the University's important work continues after your lifetime.
Please use our legal name when making a bequest:
Legal Name: The University of Akron Foundation Location: Akron, OH 44325-2603 Federal Tax ID: 34-6575496
The University of Akron Foundation is the tax-exempt charitable arm of The University of Akron.
You can make a bequest to the University by including language in your will or trust. Making a gift by bequest has numerous benefits:
- Bequests allow you to continue using property during your life that you intend to leave to the University
- Bequests are eligible for an estate tax.
- Bequests are generally revocable gifts, which means they can be changed or modified at any time, giving you peace of mind knowing that your gift will be used as intended; and
- Bequests allow you to establish a lasting legacy.
Creating Your Legacy
Bequests may be directed to a general or specific purpose benefiting University of Akron students, faculty, academic colleges and departments, and other programs. Unrestricted bequests allow the University to determine how to use the funds based on most-pressing needs. A restricted bequest directs your gift to a specific fund, academic program or particular purpose such as student scholarships.
Representatives of The University of Akron's Center for Gift and Estate Planning are happy to work with you and your attorney to craft language that defines your philanthropic goals and blends your charitable objectives with the goals of The University of Akron. Contact us
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TYPES OF BEQUESTS
There are a number of ways you can make a bequest to The University of Akron:
- Specific Bequests involve making an outright gift by means of a specific asset such as real estate, a car, other property, or a gift for a specific dollar amount. For example, you may wish to bequeath $10,000 or leave your home to the University.
- Percentage Bequests involve leaving a specific percentage of your overall estate to the University. For example, you may wish to leave 10 percent of your estate to the University.
- Residual Bequests are made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate. For example, you may wish to leave 30 percent of the residue of your estate to The University of Akron.
- Contingent Bequests are made to the University only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the University.
- Restricted Bequests are made for a specific purpose such as scholarships or to support an academic department or distinct program. Because restricted bequests are unique, it is important they have flexibility as the University's needs and programs change over time. The University encourages you to speak with a member of the Center for Gift and Estate Planning staff to develop a fund description detailing your intended gift designation to ensure that your gift is directed in accordance with your wishes.
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