Example Bequest Language for Gifts to the Baptist Foundation
Example bequest language for endowed funds:
1. Bequest of cash
"I give, devise, and bequeath, as an endowment and to be held in perpetuity, the sum of $__________________ to Baptist Foundation of South Carolina, Columbia, South Carolina, as the manager of the endowment fund. (a.) The Foundation shall manage, control, invest, reinvest, sell, convey, transfer, encumber, hypothecate, convert, exchange, protect and administer the assets of the said fund. The Foundation shall have the right to invest and reinvest the funds and other assets in investments other than those described by and limited in the statutes of the State of South Carolina limiting the type of investments which may be made by a Trustee; the intent being that if in the discretion of the Trustees of the Foundation, the fund, or some portion of it, should be invested in types of investments not permitted by statutes to be made by a Trustee, then the Foundation shall be expressly authorized to make such investments. The Foundation may distribute capital appreciation as income. (b.) The Foundation shall receive the earnings from the assets held in this fund as they become payable, and shall pay out and distribute at least annually, the net income derived from the administration of this fund, to (list name or names and percentages, if applicable, of church or charity, city, state) to use for its general uses and purposes (or for "the following uses and purposes: [state the purpose]")."
2. Bequest of a percent of the estate
"I devise and bequeath, as an endowment and to be held in perpetuity, ___% of the remainder and residue of property owned at my death, whether real or personal, and wherever located to Baptist Foundation of South Carolina, Columbia, South Carolina, as the manager of the endowment fund. (a.) The Foundation shall manage, control, invest, reinvest, sell, convey, transfer, encumber, hypothecate, convert, exchange, protect and administer the assets of the said fund. The Foundation shall have the right to invest and reinvest the funds and other assets in investments other than those described by and limited in the statutes of the State of South Carolina limiting the type of investments which may be made by a Trustee; the intent being that if in the discretion of the Trustees of the Foundation, the fund, or some portion of it, should be invested in types of investments not permitted by statutes to be made by a Trustee, then the Foundation shall be expressly authorized to make such investments. The Foundation may distribute capital appreciation as income. (b.) The Foundation shall receive the earnings from the assets held in this fund as they become payable, and shall pay out and distribute at least annually, the net income derived from the administration of this fund, to (list name or names and percentages, if applicable, of church or charity, city, state) to use for its general uses and purposes (or for "the following uses and purposes: [state the purpose]")."
3. Contingent Bequest
"If my brother John Doe survives me, I devise and bequeath ____% of the remainder and residue of property owned at my death, whether real or personal, and wherever located to John Doe. If John Doe does not survive me, then I devise and bequeath, as an endowment and to be held in perpetuity, ___% of the remainder and residue of property owned at my death, whether real or personal, and wherever located to Baptist Foundation of South Carolina, Columbia, South Carolina, as the manager of the endowment fund. (a.) The Foundation shall manage, control, invest, reinvest, sell, convey, transfer, encumber, hypothecate, convert, exchange, protect and administer the assets of the said fund. The Foundation shall have the right to invest and reinvest the funds and other assets in investments other than those described by and limited in the statutes of the State of South Carolina limiting the type of investments which may be made by a Trustee; the intent being that if in the discretion of the Trustees of the Foundation, the fund, or some portion of it, should be invested in types of investments not permitted by statutes to be made by a Trustee, then the Foundation shall be expressly authorized to make such investments. The Foundation may distribute capital appreciation as income. (b.) The Foundation shall receive the earnings from the assets held in this fund as they become payable, and shall pay out and distribute at least annually, the net income derived from the administration of this fund, to (list name or names and percentages, if applicable, of church or charity, city, state) to use for its general uses and purposes (or for "the following uses and purposes: [state the purpose]")."
1. Bequest of cash
"I give, devise, and bequeath, as an endowment and to be held in perpetuity, the sum of $__________________ to Baptist Foundation of South Carolina, Columbia, South Carolina, as the manager of the endowment fund. (a.) The Foundation shall manage, control, invest, reinvest, sell, convey, transfer, encumber, hypothecate, convert, exchange, protect and administer the assets of the said fund. The Foundation shall have the right to invest and reinvest the funds and other assets in investments other than those described by and limited in the statutes of the State of South Carolina limiting the type of investments which may be made by a Trustee; the intent being that if in the discretion of the Trustees of the Foundation, the fund, or some portion of it, should be invested in types of investments not permitted by statutes to be made by a Trustee, then the Foundation shall be expressly authorized to make such investments. The Foundation may distribute capital appreciation as income. (b.) The Foundation shall receive the earnings from the assets held in this fund as they become payable, and shall pay out and distribute at least annually, the net income derived from the administration of this fund, to (list name or names and percentages, if applicable, of church or charity, city, state) to use for its general uses and purposes (or for "the following uses and purposes: [state the purpose]")."
2. Bequest of a percent of the estate
"I devise and bequeath, as an endowment and to be held in perpetuity, ___% of the remainder and residue of property owned at my death, whether real or personal, and wherever located to Baptist Foundation of South Carolina, Columbia, South Carolina, as the manager of the endowment fund. (a.) The Foundation shall manage, control, invest, reinvest, sell, convey, transfer, encumber, hypothecate, convert, exchange, protect and administer the assets of the said fund. The Foundation shall have the right to invest and reinvest the funds and other assets in investments other than those described by and limited in the statutes of the State of South Carolina limiting the type of investments which may be made by a Trustee; the intent being that if in the discretion of the Trustees of the Foundation, the fund, or some portion of it, should be invested in types of investments not permitted by statutes to be made by a Trustee, then the Foundation shall be expressly authorized to make such investments. The Foundation may distribute capital appreciation as income. (b.) The Foundation shall receive the earnings from the assets held in this fund as they become payable, and shall pay out and distribute at least annually, the net income derived from the administration of this fund, to (list name or names and percentages, if applicable, of church or charity, city, state) to use for its general uses and purposes (or for "the following uses and purposes: [state the purpose]")."
3. Contingent Bequest
"If my brother John Doe survives me, I devise and bequeath ____% of the remainder and residue of property owned at my death, whether real or personal, and wherever located to John Doe. If John Doe does not survive me, then I devise and bequeath, as an endowment and to be held in perpetuity, ___% of the remainder and residue of property owned at my death, whether real or personal, and wherever located to Baptist Foundation of South Carolina, Columbia, South Carolina, as the manager of the endowment fund. (a.) The Foundation shall manage, control, invest, reinvest, sell, convey, transfer, encumber, hypothecate, convert, exchange, protect and administer the assets of the said fund. The Foundation shall have the right to invest and reinvest the funds and other assets in investments other than those described by and limited in the statutes of the State of South Carolina limiting the type of investments which may be made by a Trustee; the intent being that if in the discretion of the Trustees of the Foundation, the fund, or some portion of it, should be invested in types of investments not permitted by statutes to be made by a Trustee, then the Foundation shall be expressly authorized to make such investments. The Foundation may distribute capital appreciation as income. (b.) The Foundation shall receive the earnings from the assets held in this fund as they become payable, and shall pay out and distribute at least annually, the net income derived from the administration of this fund, to (list name or names and percentages, if applicable, of church or charity, city, state) to use for its general uses and purposes (or for "the following uses and purposes: [state the purpose]")."
