Donor Wills and Bequest Language

Partnering with Southeastern Illinois Community Foundation is a great way to fulfill your charitable goals through a planned gift in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.

Types of Gifts to Make

There are a number of ways you can make a gift in your will.

Specific Bequest. A specific bequest involves making a gift 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 leave your home or $10,000.

Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate. For example, you may wish to leave 10% of their estate.

Residual Bequest. This gift is made from the balance of an estate after the will or trust has given away each of the specific gifts. A common residual bequest involves leaving a percentage of the residue of the estate. For example, you may wish to leave 30% of the residue of their estate to Southeastern Illinois Community Foundation or an affiliated fund.

Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you can 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 Southeastern Illinois Community Foundation.

We would be happy to work with you to help identify ways to give and your charitable objectives. We will also work with you to craft language to accomplish those goals.

Benefits of a Gift in Your Will

A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose to have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.

Wording for Gifts by Wills and Trusts

You can leave a bequest to Southeastern Illinois Community Foundation in your estate plan. We have provided some basic bequest language to assist you.

The following are examples of language for gifts by will, trust or beneficiary designation:

Unrestricted Gifts for Southeastern Illinois Community Foundation

Unrestricted gifts may be made to the operating fund of Southeastern Illinois Community Foundation, to be expended at the discretion Board of Directors to meet the charitable priorities of the Community Foundation. Unrestricted gifts may be designated as follows:

"I give ______ to Southeastern Illinois Community Foundation, a 501(c)(3) nonprofit organization, for its operating fund.”

Gifts to Southeastern Illinois Community Foundation’s permanent endowment fund may be designated as follows:

"I give _____ to Southeastern Illinois Community Foundation, a 501(c)(3) nonprofit corporation, for its permanent endowment fund."

Designated Gifts for an Existing Fund

Donors may designate their gift for a specific charitable interest area within a Southeastern Illinois Community Foundation fund as follows:

"I give ______ to Southeastern Illinois Community Foundation, a 501 (c)(3) nonprofit organization. This gift shall be used for the benefit of [Fund Name].”

If there is not an existing account for the charitable purpose you wish to benefit, please contact Southeastern Illinois Community Foundation.

Gifts to Establish a New Fund

Donors wishing to establish a new fund with a planned gift are encouraged to contact Southeastern Illinois Community Foundation. We can provide illustrations of various gift plans and sample documents as needed without obligation and at no cost.

Note: The above information is of a general nature and is not intended as legal advice. It should not replace the counsel of tax, legal or estate planning advisors.