When you make a provision for the Fayetteville State University Foundation in your
will or revocable living trust, you are making a bequest. A bequest gift may be included directly in your will or may be added by codicil at a later time. Some of the various types of bequests include:
Specific Bequest—states a specific amount or asset. It may be a gift of cash, securities, real estate or tangible personal property (i. e. jewelry, rare books, antiquities, etc.).
- Example: I give and bequeath to the Fayetteville State University Foundation, Inc., Fayetteville, North Carolina, the sum of [xxx] dollars. This gift shall be used to further the educational mission of Fayetetville State University in such a manner as the Board of Directors of the FSU Foundation may direct.
Residuary Bequest—names FSU to receive all or a percentage of the remainder of the estate after specific bequests, expenses, debts, and taxes has been paid.
- Example: All the rest, residue and remainder of my estate, both real and personal property and whatever kind and wheresoever situated, which I may own or have the right to dispose of at the time of my death, I give and bequeath to the Fayetteville State University Foundation, Inc., Fayetteville, North Carolina, to be used to further the educational mission of Fayetteville State University in such a manner as the Board of Directors of the FSU Foundation may direct.
Contingent Bequest—take effect only if all primary beneficiaries named in the will are predeceased. Declaring FSU a contingent beneficiary can prevent the property from going to the state if there are no heirs.
- Example: If [name of beneficiary] predeceases me, I give such property to the Fayetteville State University Foundation, Inc., for the unrestricted needs of Fayetteville State University. The preceding clauses are suggestions only. Please consult with your attorney or accountant on how this general information relates to your specific financial and estate planning situation. The Office of Institutional Advancement is pleased to provide you or your advisors with more detailed information.
Federal estate tax deduction
Reduction of taxable estate
To discuss a bequest, please email or call Mary Bailey at 910-672-1390.