Including the San Angelo Area Foundation
in Your Will
The easiest way to assist charities with an estate gift is to include a provision in your will. When your family has an up-to-date will you do not wish to change, a simple codicil can be signed, witnessed and attached to an existing will. The San Angelo Area Foundation offers the following samples of language for wills and bequests with the understanding and our recommendation that prospective donors will consult their own professional advisors and attorneys when preparing estate planning documents. We are pleased to assist you and your attorney in constructing other language if the samples below do not meet a specific gift intention.
Suggested Bequest & Codicil Forms
1. General Bequest - This is the simplest form of bequest whereby a person bequeaths a stated amount to the San Angelo Area Foundation without any conditions attached.
"I give and bequeath to the San Angelo Area Foundation, a Texas not-for-profit corporation located in San Angelo, Texas [_______% of my estate (or the sum of $____________ and /or the securities or other property described herein, namely, (________________)]. To be used for the general program of the San Angelo Area Foundation, as directed by the Board of Directors of the San Angelo Area Foundation."
2. Endowment Bequest - This form establishes an endowment gift, in which the principal is invested and the total return from the investments supports your charitable intent.
"I give and bequeath to the San Angelo Area Foundation, a Texas not-for-profit corporation located in San Angelo, Texas, [______% of my estate (or the sum of $____________ and/or the securities or other property described herein, namely, (_____________)]. This bequest shall establish an endowment to be named ______________ to be invested and the total return of the investments shall be made available for distributions annually by the Board of Directors of the San Angelo Area Foundation."
3. Designated Bequest This provides a sum of money or percentage distribution for a designated endowment project or program of the organization.
"I give and bequeath to the San Angelo Area Foundation, a Texas not-for-profit corporation located in San Angelo, Texas [_____% of my estate (or the sum of $__________ (and/or the securities or other property described herein, namely (____________________)]. This bequest shall be invested and the total return of the investments shall be made available for distributions annually by the Board of Directors of the San Angelo Area Foundation for: [specify a field of interest; for religious, charitable, scientific, literary or educational, the arts, or for the prevention of cruelty to children or animals, or specify organizations and percentages to divide support.(etc.,these are examples)]."
special note: it is possible for a donor to create a deferred gift agreement with the Foundation and name the specifics of the types of support the donor seeks to benefit. This can be as simple as naming a charity, to as complex as naming several charities, fields of interest as well as creating a scholarship fund. This deferred agreement becomes activated upon death and disbursement of your estate, unless you choose to fund it prior to your death. The benefit of using this deferred gift agreement allows the donor the ability to simply name the "deferred gift fund" in their will, without the requirement to list all of the details in the will. As an added benefit, it can be worded to allow the donor to request changes to the deferred agreement, without any extra costs.
4. Residuary Bequest This is a provision in a will leaving the remainder of one's estate to the San Angelo Area Foundation after all other bequests are fulfilled.
"All the rest, residue and remainder of my estate, both real and personal, wherever situated, I give, devise and bequeath to the San Angelo Area Foundation, a Texas not-for-profit institution located in San Angelo, Texas, to be used for the general program as directed by the Board of Directors of the San Angelo Area Foundation."
5. Residuary Bequest with Unified Tax Credit (A "tax-free will") This is a provision in a will leaving everything which exceeds the federal unified tax credit to charitable causes.
"I give to the San Angelo Area Foundation, a Texas not-for-profit corporation located in San Angelo, Texas, my entire estate except for the amount protected by the federal unified tax credit which amount shall be distributed to ______________ (List your heirs and their percentages or dollar amounts here.)"
6. Bequest to create a Scholarship Fund - This is a bequest that will create a scholarship fund.
"I give the residue of my estate (description of specific Bequest or devise) to the San Angelo Area Foundation ("Foundation"), a Texas non-profit corporation. This gift shall be administered as a separate fund named the [___________________ Scholarship Fund] ("Fund") and shall be a component fund of the Foundation. The total return of the investments of the Fund shall be made available for distributions annually by the Board of Directors ("Board") of the Foundation as academic scholarship(s) to student. [Describe selection and renewal criteria. A list of commonly applied criteria is available from the Foundation office.]"
Suggested Wording for a Codicil to Your Will
The following language, if written completely in your own handwriting (thus making it a holographic codicil,) might be appropriate in certain circumstances. In any event, please review this with your own attorney.
Version One - Generic Bequest
"This is a codicil to my will. In addition to other gifts made in my will, I do hereby give to the San Angelo Area Foundation, a Texas not-for-profit corporation located in San Angelo, Texas, (a specific percentage, a piece of property, or a dollar amount) to be used for its general use and purposes."
Signed on this _________ day of _____________, 20____, in City, State.
_________________________ ___________________________
Signature Witness
_________________________ ___________________________
Signature Witness
Version Two - Residuary Bequest
"This is a codicil to my will. In addition to other gifts made in my will, I do hereby give ______________ percent (_______ %) of my residuary estate to the San Angelo Area Foundation, a Texas not-for-profit corporation located in San Angelo, Texas to be used for its general use and purposes. This gift is to be free of any burden to pay death taxes."
Signed on this _________ day of _____________, 20____, in City, State.
_________________________ ___________________________
Signature Witness
_________________________ ___________________________
Signature Witness
There are many different types of language that can be used in a will and the examples above are only a few of those. Please feel free to contact the Foundation office or have your attorney contact us and speak to the President & CEO, Matt Lewis at 325-947-7071 or email at [email protected] for a more precise verbiage to capture your charitable intent.
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