Sample Bequest Language
Please take advantage of the information presented, below, in documenting and giving a bequest.
Most people who make bequests do so through their wills. If a person already has a will, he or she can add a bequest to Medical Teams International by means of a simple document called a "codicil."
In some cases, donors who have revocable living trusts can choose to make a future gift to Medical Teams International through the equivalent of a bequest, namely a charitable distribution provision in the trust agreement. Usually, an existing trust agreement can easily be amended to include such a provision.
Regardless of the instrument used, Medical Teams International
encourages donors to seek the assistance of their attorney.
Types of Bequests
- Specific sum of money: “I give to Medical Teams International, an Oregon nonprofit corporation with its international headquarters currently located in Tigard, Oregon, or its successor interest, the sum of [insert here the exact dollar amount].”
- Specific property such as real estate, stocks, bonds, works of art, or other items:
“I give to Medical Teams International, an Oregon nonprofit corporation with its international headquarters currently located in Tigard, Oregon, [insert here a description of the particular property].”
- Rest and residue of your estate after paying debts, taxes, expenses and other bequests:
“I give to Medical Teams International, an Oregon nonprofit corporation with its international headquarters currently located in Tigard, Oregon, all [or a stated percentage] of the rest, residue, and remainder of my estate.” - Contingent bequest if you are not survived by certain individuals:
“If [name/s of primary beneficiary/ies] do/es not survive me, or shall die within ninety (90) days from the date of my death, or as a result of a common disaster, then I give to Medical Teams International, an Oregon nonprofit corporation with its international headquarters currently located in Tigard, Oregon, [insert here the exact dollar amount, description of property, or percentage of residual estate].”
Note: Many other types of contingencies can be addressed. For further information, contact Linda Ranz at 425.284.1941.
Bequests for Restricted Purposes
If the bequest is for a restricted purpose, use the relevant language above and designate the particular program or area of activity to be supported.
Example: “I give to Medical Teams International, an Oregon nonprofit corporation with its international headquarters currently located in Tigard, Oregon, the sum of [insert here the exact dollar amount, description of property, or percentage of residual estate], to be used for programs in Africa (or whichever project you designate).”
Bequests to Establish Named Endowed Funds
The amount of money required to establish a named endowed fund varies among the different types of purposes for which funds can be established. Before including such a provision in your will, please contact Linda Ranz at 425.284.1941 to ensure that the amount of the bequest is sufficient to fulfill your intentions.
Note: When a donor executes a will containing language directing that a named endowed fund be established, no other documentation is required. Nevertheless, the donor is encouraged to execute an endowed fund agreement in addition to the will.
To establish a named endowed fund, the following language should be used:
"I give to Medical Teams International, an Oregon nonprofit corporation with its international headquarters currently located in Tigard, Oregon, [insert here the exact dollar amount, description of property, or percentage of residual estate]. This gift may be merged with any of the investment assets of Medical Teams International, but it shall be identified in the books and records of Medical Teams International as an endowed fund named for [name of donor or other specified individual]. Distributions from the endowed fund shall be used for the [general or specific purpose]."
Power to Vary Provision
It is recommended that the following paragraph be added if the bequest is for a restricted purpose or to establish a named endowed fund:
“If, in the opinion of the Board of Directors of Medical Teams International, it should become impossible, inadvisable or impractical to use this gift for the specified purpose(s), then the Board may in its discretion use the gift for other purposes, keeping in mind the original wishes of the donor. In any such alternative application, the support provided by this bequest shall be clearly identified with the name of [donor’s name].”
Contact Information
Bequests are vital to the future of Medical Teams International and the people we serve. When Medical Teams International is named in a will or other estate planning instrument, we always appreciate receiving a copy of the relevant portion of the document. Copies may be sent to:
Linda Ranz
VP of Development
Medical Teams International
P.O. Box 10
Portland, Oregon 97207-0010
When you inform Medical Teams International of your gift, you help us plan for the years ahead. In addition, you give us an opportunity to express our sincere appreciation, as well as to invite you to become a member of Hope for the Future.
If you have questions, please contact Linda Ranz at 425.284.1941 or lranz@medicalteams.org.
| The information on this Web site does not constitute legal, financial, tax or estate planning advice and
should not be relied upon as a substitute for such advice. Medical Teams International encourages you to
seek the counsel of your own professional adviser as you determine how to proceed. | |