The University of Alabama

Eight Ways to Make a Bequest

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1. A specific bequest is a gift of a particular item to a chosen person or entity. For example, “I leave my emerald necklace to my daughter, Kate.” If the necklace has been relinquished before death, then the bequest is null and void and no compensation is legally required.

2. A general bequest is usually a gift of a specified sum of money. If there is not enough cash to cover the bequest, then other assets may be sold to meet the amount of the bequest.

3. A residuary bequest covers “the rest, residue and remainder” of your estate after all other bequests and debts have been paid. We at the Capstone will be honored if you consider UA to be “last in line” after you have taken care of your other obligations.

4. A contingent bequest is conditional. In your will you might state that your son will receive $50,000, but if he predeceases you, another person or charitable organization may be named as contingent beneficiary.

5. An unrestricted bequest attaches no restrictions to the gift and allows the University to use the gift for what we identify as our most urgent needs at the time received.

6. With a restricted bequest you direct your gift to a specific purpose. For instance, you might state in your will that you want $10,000 to go to a specific scholarship fund.

7. An honorary or memorial bequest is a way to honor someone or establish a family legacy. While scholarships remain a priority, other naming opportunities exist within each college at the University. Contact us, without obligation, for more details about creating honorary and memorial bequests.

8. With an endowed bequest the principal is held in perpetuity and only the interest is used each year. Creating an endowment at UA means your bequest will continue to “keep on giving” indefinitely.


Did You Know?

While Harper Lee was a student at UA’s Law School in the 1940s, she wrote for and edited the Rammer Jammer, a student humor magazine.

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The purpose of this publication is to provide general gift, estate, and financial planning information. It is not intended as legal, accounting, or ot professional advice. For assistance in planning charitable gifts with tax and ot financial implications, the services of appropriate advisors should be obtained. Consult with an attorney for advice if your plans require revision of a will or ot legal document. Tax deductions vary based on applicable federal discount rates, which can change on a monthly basis. Some opportunities may not be available in all states.