If you would like to make a charitable gift to Doane through a will, we recommend you meet with your attorney to discuss exactly what you want to do. Please give us the opportunity to thank you by letting us know of your plans.
The specific legal bequest language for Doane College is: "I, [name], of [city, state, ZIP], give devise and bequeath to Doane College, Crete, Nebraska [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."
We honor all bequest gifts and intentions in our Heritage Society; however, if you prefer to remain anonymous, your gift can be kept confidential. Your commitment to Doane College's future is greatly appreciated.
Bequest Options
The following can apply in the case of bequests to individuals or charitable organizations.
1. Specific bequest. This is a gift of a specific item to a specific beneficiary. For example, you give your jewelry to your daughter, Alice. If the jewelry is sold prior to death, the bequest fails and no claim can be made to any other property. This means that Alice wouldn't receive the cash value of the jewelry in its place.
2. General bequest. This is usually a stated sum of money designated as a gift. If there is not sufficient cash to meet the bequest it must be met through other means. For example, you give $75,000 to Doane, if there is only $5,000 cash in the estate, other assets must be sold to meet the bequest.
3. Contingent bequest. This is a bequest made on the condition that something must occur before the beneficiary can collect. For example, you give $25,000 to your nephew, Peter, only if he attends college before the age of 21. A contingent bequest is specific in nature and fails if the condition is not met. (A contingent bequest can also be setup if you want to name a secondary beneficiary, in case the primary beneficiary doesn't survive you.)
4. Residuary bequest. This is a gift of the remainder of your estate after all other bequests, debts and taxes have been paid. When making a residuary bequest, you should divide your estate according to percentages of the value, rather than specifying a dollar amount.
The following items are special considerations when you plan a charitable bequest to help support Doane College.
- Unrestricted bequest. This is a gift for our general use. The board of trustees determines the best use for the gift based on the needs of the college at the time.
- Restricted bequest. This type of gift allows you to specify how the gift is to be used. If you have a special purpose in mind, please consult us when you make your will, to be certain your wishes may be carried out.
- Honorary or memorial bequest. This is a gift given "in honor of" or "in memory of" someone.
- Endowed bequest. This bequest requires us to hold the funds permanently and use only the investment income it generates. By restricting the principal of the gift in this manner, your gift can continue giving indefinitely.