An excellent way for you to support Northwest Nazarene University's mission is to leave a bequest in your will, living trust or with a codicil (amendment to your will). To ensure that your exact intentions are followed, we recommend:
1.) you notify NNU's Legacy Gifts Team of your intention and 2.) prepare your will or trust with your personal legal advisor.
Types of Bequests
There are a number of ways you can make a bequest to Northwest Nazarene University.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to Northwest Nazarene University.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Northwest Nazarene University.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Northwest Nazarene University.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Northwest Nazarene University.
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time.
You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended.
Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Northwest Nazarene University in your estate plan. We have provided some basic bequest language to assist you and your attorney.
1. Specific Bequest
If you are considering making an outright bequest to Northwest Nazarene University, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Northwest Nazarene University, a nonprofit organization located at 623 S. University Blvd., Nampa, ID, 83686-5897, Federal Tax ID #82-0200907, for Northwest Nazarene University's general use and purpose.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Northwest Nazarene University, a nonprofit organization located at 623 S. University Blvd., Nampa, ID, 83686-5897, Federal Tax ID #82-0200907, for Northwest Nazarene University's general use and purpose.
Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Northwest Nazarene University, a nonprofit organization located at 623 S. University Blvd., Nampa, ID, 83686-5897, Federal Tax ID #82-0200907, for Northwest Nazarene University's general use and purpose.
2. Percentage Bequest
If you are considering making a bequest of a percentage of your estate to Northwest Nazarene University, we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Northwest Nazarene University, a nonprofit organization located at 623 S. University Blvd., Nampa, ID, 83686-5897, Federal Tax ID #82-0200907, for Northwest Nazarene University's general use and purpose.
3. Residual Bequest
I hereby give, devise and bequeath to Northwest Nazarene University, a nonprofit organization located at 623 S. University Blvd., Nampa, ID, 83686-5897, Federal Tax ID #82-0200907, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for Northwest Nazarene University's general use and purpose.
4. Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Northwest Nazarene University, a nonprofit organization located at 623 S. University Blvd., Nampa, ID, 83686-5897, Federal Tax ID #82-0200907, DESCRIPTION OF PROPERTY to be used for Northwest Nazarene University's general use and purpose.
Restricted Bequests
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Northwest Nazarene University flexibility should it no longer be possible for Northwest Nazarene University to use your gift as you originally intended:
In making this gift, it is my intention to serve Northwest Nazarene University and its students and I desire that the foregoing statement of purpose be liberally construed so that this objective may be fully accomplished. If, at any time in the judgment of the President of Northwest Nazarene University, changed circumstances substantially interfere with
the beneficial realization of such purposes, then the funds may be used for such other similar purposes as the President of Northwest Nazarene University in, his/her discretion determines to be consistent with my interest and intentions.
Contact Us
Please
contact us if you have any questions about how to make a bequest to Northwest Nazarene University or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to NNU.
If you have included a bequest for Northwest Nazarene University in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.
Any bequest designated to Northwest Nazarene University will invite you to
NNU Legacy Partner events.
