Make Your Final Wishes Come True with a Bequest in Your Will or Trust

You have worked hard and stewarded God’s blessings throughout your life. If you do not have a valid will or trust at your death, however, a court will distribute your belongings and property according to state law.

When you create a will, you have the ability to determine how your assets are distributed at your death to the individuals and charitable organizations of your choice. And including a bequest in your will to Concordia University, St. Paul may be the best way to make a meaningful gift and save specific assets, such as property, securities or real estate, in case you or your family members need them in the future.

Charitable bequests offer some of the following advantages:

1. Easy. Making a bequest is as simple as inserting a few sentences into your will, such as, "I give $10,000 to Concordia University, St. Paul."

2. Revocable. Wills are not written in stone and can be changed at any time. Because relationships and circumstances evolve over time, your will should naturally do the same. With a bequest, you are not actually making a gift until your death. Until then, you are free to alter your plans, eliminating the worry that you might make a commitment you could later regret.

3. Tax-wise. Aside from the joy that comes from giving back, making a bequest to a charitable organization has valuable tax benefits. Your estate is entitled to an unlimited estate tax charitable deduction for bequests to qualified charitable organizations, such as Concordia.

Making a Bequest in Your Will

The reasons you might make a charitable bequest are varied and cover a wide range of personal and philanthropic goals. Perhaps the one common denominator is a sincere belief in being a good steward of God’s blessings. Some of the other reasons include:

Belief in the values and mission: "Concordia’s values are values I want to see lifted up in our society," one donor said. "I believe in Concordia’s mission and I applaud the fact that you forward God’s kingdom. I want to continue supporting Concordia’s mission."

Ability to make changes: "I have been faithful with my yearly gifts to Concordia and have always wanted to do more, but I like my 'cushion,'" another donor said. "You never know what might happen. I might need that money someday. This way, if I need it, I can use it. I can change my mind about my will at any time. If everything goes as planned, however, that money will go to carry out Concordia’s work."

Creating a personal legacy: "By giving to Concordia, I know that I am doing something for those who come after me, and it is a good feeling," a donor said. "I also honor the those whose sacrifices and gifts made it possible for me to get a Concordia education. Thank you for showing me how to support students preparing for Christian outreach—and for letting me do it my way."

Seven Ways to Make a Bequest

Leaving Concordia a bequest in your will is easy. Charitable bequests can be included in your will when you have one drafted, or you can add a bequest later by means of a codicil to your will.

It is important to state the correct name of Concordia and other ministries and charities you want to benefit. By avoiding generalities ("my church"), you prevent confusion or possible misinterpretations. Clarity gives you peace of mind that your gift will reach its intended beneficiaries. Contact each charitable organization and verify its legal name and address. Since 1997, Concordia’s proper legal name for use in your will or trust is:

Concordia University, St. Paul.

It is helpful to notify Nathan Laible, Director of Planned Giving, or another Advancement staff member that Concordia is being named in your will or trust documents. This way you can be sure that your bequest will be executed in the manner you intended. Additionally, you will be welcomed into the St. Paul Society, offering special recognition, events and “insider briefings” to donors who have notified Concordia of a future investment through their estate plan, a life income gift, or other planned gift.

Here are seven generally accepted methods to leave a bequest in your will or trust. You should discuss the various strategies with your estate planning attorney as you prepare to create or update your will.

1. Specific bequest. This is an outright bequest that is a gift of a certain item to a particular beneficiary.

"I give my family Bible to my niece, Katherine."

If the family Bible has left your possession before death, the bequest is not effective and no claim can be made to any other property.

2. General bequest. This is an outright bequest and is usually a gift of a stated sum of money. It will be effective, even if there is not sufficient cash to meet the bequest.

"I give $15,000 to my nephew, Martin."

If there is only $10,000 cash in the estate, other estate assets must be sold to meet the bequest.

3. Residuary bequest. This is an outright bequest of all the "rest, residue and remainder" of your estate after all other bequests, debts and taxes have been paid. Divide your estate according to percentages of the residue (rather than specifying dollar amounts) to ensure that your beneficiaries receive the proportions you desire.

"I leave fifteen percent (15%) of all the rest, residue and remainder of my estate to
Concordia University, St. Paul."

4. Contingent bequest. This is a bequest made on the condition that a certain event must occur before distribution to the beneficiary. For example, you can make provisions that money, property or a particular share will be given to some individual if that person survives you; otherwise, it is distributed to Concordia. A contingent bequest is specific in nature and is not effective if the condition is not met.

"I give $20,000 to my longtime friend, Gail, if she survives me, but if she does not survive me, then to Concordia University, St. Paul."

The previous types of bequests can apply in the case of bequests to individual heirs or bequests to charitable organizations. The following items are special considerations that apply only to charitable bequests.

5. Unrestricted bequest. A gift like this—without conditions attached—is frequently the most useful, as it allows Concordia to determine the wisest and most pressing need for your gift at the time it is received. This is a gift for Concordia’s general purposes to be used at the discretion of the Board of Regents.

"I, [name], of [city, state, ZIP], give, devise and bequeath to
Concordia University, St. Paul, Fifty Thousand Dollars ($50,000)
for its unrestricted use and purpose."

6. Restricted bequest. You may restrict your gift by directing how you want it used or by allowing Concordia to only spend the income earned on the principal. Perhaps you have a special purpose or project in mind. If you wish to designate a specific purpose or how the assets should be managed, you are encouraged to consult with Nathan Laible, Director of Planned Giving, or another Advancement staff member in advance to make certain Concordia will be able to carry out your intent.

Restricted Use:

"I, [name], of [city, state, ZIP], give, devise and bequeath to
Concordia University, St. Paul, Fifty Thousand Dollars ($50,000)
for the benefit of its Parish Music education programs."

Restricted Management:

"I, [name], of [city, state, ZIP], give, devise and bequeath to
Concordia University, St. Paul, Fifty Thousand Dollars ($50,000)
as an endowment to be invested and administered according
to the endowment policies as determined by its Board of Regents."

7. Honorary or memorial bequest. This is a gift given "in honor of" or "in memory of" yourself, in your family's name or on behalf of someone else. We are pleased to honor your request and have many ways to grant appropriate recognition.

"I, [name], of [city, state, ZIP], give, devise and bequeath to
Concordia University, St. Paul, Fifty Thousand dollars ($50,000)
in honor of my mother, Lydia, for her lifetime dedication to Lutheran education."

For More Information

It is easy to understand why many individuals choose a bequest as a meaningful way to make a charitable gift. Without parting with any of your assets today, you can make provisions that will help your family and your favorite charities in the future. You will be leaving a legacy while having the satisfaction of knowing that your philanthropic dreams and goals will be met after you are you are gone. For more information on making a bequest, contact Nathan Laible, Director of Planned Giving.

Portions of this publication are copyright of The Stelter Company and Concordia University, St. Paul, all rights reserved. The information in this publication is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income tax include federal taxes only. Individual state taxes and/or state law may impact your results.

Nathan Laible, JD

Director of Planned Giving

Phone:  651-641-8256 

Fax: 651-641-8727

E-mail: laible@csp.edu

Concordia University, St. Paul

275 North Syndicate

St. Paul, MN 55104