Charitable Bequests: Wills and Revocable Trusts

Will and Revocable (Living) Trust distributions provide more gifts to Luther Seminary than any other form of deferred gift. When you include a bequest for the seminary in your will or living trust, you still have full access to all assets during your lifetime. Given the rising cost of health care and long-term personal care, this is an important consideration for most people.

Example: Barbara would like to include a provision for Luther Seminary in her will, and would like to know what options exist.

Unrestricted General Bequest

a. Specified Dollar Amount: I give, devise, and bequeath to Luther Seminary, 2481 Como Avenue West, St. Paul, Minnesota, 55108, the sum of ten thousand dollars ($10,000.00) for its general purposes.

b. Specified Percentage: I give, devise, and bequeath to Luther Seminary, 2481 Como Avenue West, St. Paul, Minnesota 55108, an amount equal to ten percent (10%) of my “net estate,” as finally determined for federal estate tax purposes, for its general purposes.

“Net estate” shall mean my gross estate as finally determined for federal estate tax purposes, reduced by my deductible debts and deductible expenses of administering my estate, including nonprobate assets.

Unrestricted Specific Bequest

I give, devise, and bequeath the following described property to Luther Seminary, 2481 Como Avenue West, St. Paul, Minnesota, 55108: my art collection, including all paintings and sculptures, whether originals or copies, for its general purposes.

Unrestricted Residuary Bequest

I give, devise, and bequeath to Luther Seminary, 2481 Como Avenue West, St. Paul, Minnesota, 55108, the residue of my estate, after satisfaction of all specific bequests and the payment of all of my proper debts, taxes, costs related to my last illness, funeral and interment, and the expenses of administering my probate and all nonprobate assets passing by reason of my death, for its general purposes.

DISCLAIMER: The above illustrations are not intended as legal advice and are not intended to be relied upon. They are offered for illustration purposes only. For legal advice, you are encouraged to consult an attorney.