Bequests

A gift through your will or estate

The most common method of deferred charitable giving is a bequest. Cash, securities, real property or personal property can be given to Pacific Lutheran University to support its educational mission.

Bequests can be for general purposes, or they may be designated for a specific area of the university, e.g., endowment, scholarships, or capital purposes. Care should be taken to include in the wording of the bequest the purpose for which it is intended.

An Unrestricted Bequest

An unrestricted bequest may be used by PLU for any purpose within the scope of its corporate powers. These bequests are especially useful in that they provide support to the university’s greatest need, or may be held for future use. Such a bequest should state:

I give to Pacific Lutheran University Inc., an educational corporation located at Tacoma, Washington, . . . (here follows the dollar amount or percentage of the estate or an accurate description of the securities, real estate, or other property to be given).

An Endowment Bequest

An endowment bequest establishes a permanent fund, e.g., a memorial scholarship, with the income from the fund being available to meet either the general needs of the university or specific needs of a designated fund, Such a bequest should state:

I give to Pacific Lutheran University Inc., an educational corporation located at Tacoma, Washington, . . . (here follows the dollar amount or percentage of the estate or an accurate description of the securities, real estate, or other property to be given) to be known as the . . . Fund, the income only to be used according to university guidelines for . . . (general purposes of the university or designated purpose).

A Bequest for a Specific Purpose

This type of bequest provides PLU with funds for a purpose in which the donor has a specific interest. This could be a professorship, a building, or any other purpose which the donor and university feel will be useful and meaningful. In this case, both the initial principal and any income earned from the asset may be used for the donor’s stated purpose. Such a bequest should state:

I give to Pacific Lutheran University Inc., an educational corporation located at Tacoma, Washington, . . . (here follows the dollar amount, or percentage of the estate, or an accurate description of the securities, real estate or other property to be given) to be used to establish . . . (here is described the specific purpose).

Should this (list specific purpose) be otherwise provided for in advance of this bequest, or if circumstances make this gift for such a purpose impractical, the university, by a vote of the Board of Regents, may use the sum for such other purpose or purposes which the board feels most nearly fulfills my wishes as stated above.

A Contingent Bequest

This form of bequest allows a donor to make a gift to one or more beneficiaries while including PLU in his or her will as a contingent beneficiary. Such a bequest should state:

. . . If any or all of the above-named beneficiaries should predecease me, then I give to Pacific Lutheran University Inc., an educational corporation located at Tacoma, Washington, all the property, real or personal, which said beneficiary or beneficiaries would have received if they had survived me.

A Residual Bequest

A donor may name PLU as the beneficiary of all or part of the residue of his or her estate. Such a bequest should state:

I give to Pacific Lutheran University Inc., an educational corporation located at Tacoma, Washington, all the rest, residue, and remainder of my estate, both real and personal.