Samford University

Bequests
(Sample language)

Unrestricted Bequest: Gives Samford the most flexibility in meeting its most urgent needs

“I give to Samford University, a 501(c)(3) corporation located in Birmingham, Alabama, [ ___% of my estate] [the sum of $_____] [property description] [the remainder of my estate].”

Restricted Bequest: Directs Samford to use your gift for a specific purpose

“I give to Samford University, a 501(c)(3) corporation located in Birmingham, Alabama, [ ___% of my estate] [the sum of $_____] [property description] [the remainder of my estate] to be used for [state the purpose.] If, in the opinion of the President and Trustees of Samford University, all or part of this bequest cannot be usefully applied to this purpose, the bequest may be used for purposes that in their opinion best meets the needs of the University and most nearly accomplishes the original purpose.”

Bequest to Create Endowed Funds: Creates permanent funds where a portion of investment returns is used for the purpose specified and the rest is reinvested to preserve fund value over time. While there is no minimum gift amount for general endowment, there are varying minimums for different named endowments. (Click here)

General Endowment
“I give to Samford University, a 501(c)(3) corporation located in Birmingham, Alabama, [ ___% of my estate] [the sum of $_____] [property description] [the remainder of my estate] to be added to the university’s permanent general endowment and managed with these funds in accordance with existing policies.”

Unrestricted Named Endowment
“I give to Samford University, a 501(c)(3) corporation located in Birmingham, Alabama, [ ___% of my estate] [the sum of $_____] [property description] [the remainder of my estate] to establish the [name of fund] Endowed Fund as a permanent endowment. All or part of the interest, dividends and capital gains may be distributed as directed by the Trustees of Samford University, with undistributed amounts reinvested as principal.”

Restricted Named Endowment
“I give to Samford University, a 501(c)(3) corporation located in Birmingham, Alabama, [ ___% of my estate] [the sum of $_____] [property description] [the remainder of my estate] to establish the [name of fund] Endowed Fund as a permanent endowment. All or part of the interest, dividends and capital gains may be distributed as directed by the Trustees of Samford University, with undistributed amounts reinvested as principal. The fund shall be used for the purpose of [describe purpose.] If, in the opinion of the President and Trustees of Samford University, all or part of this bequest cannot be usefully applied to this purpose, the bequest may be used for purposes that in their opinion best meets the needs of the University and most nearly accomplishes the original purpose.”

It is recommended that restrictions be described as broadly as possible with a minimum of detailed limitations to enable the university to use the bequest through changing conditions. Please consult the Office of Gift Planning before drafting restricted provisions to assure implementation according to your wishes.

Residuary Bequest: Makes a gift of any remainder after all other bequests have been paid

“All the rest, residue, and remainder of my estate, both real and personal, I give to Samford University, a 501(c)(3) corporation located in Birmingham, Alabama.”

Contingent Bequest: Takes effect only if a primary intention can’t be met

“If [name of beneficiary(ies)] does(do) not survive me, or shall die during the administration of my estate or as a result of a common disaster, I give to Samford University, a 501(c)(3) corporation located in Birmingham, Alabama, [ ___% of my estate] [the sum of $_____] [property description] [the remainder of my estate] for its general uses and purposes.”

“Give It Twice:” Provides income to loved one for a period then remainder to Samford

You may create in your will a trust or gift annuity that pays income to your loved one for life or a term of years and then becomes a gift to Samford University.

Safety Language: To be added whenever a gift is restricted

“If, in the opinion of the President and Trustees of Samford University, all or part of this bequest cannot be usefully applied to this purpose, the bequest may be used for purposes that in their opinion best meets the needs of the University and most nearly accomplishes the original purpose.”

Retirement Plans, Life Insurance Policies, Investment or Bank Accounts

Samford University may be named as a primary or contingent beneficiary for all or part or retirement plans, life insurance policies and investment or bank accounts. The Office of Gift Planning can provide guidance on these types of gifts.