Comments Off on How a Bequest in Your Will Can Impact CFCC Students for Generations to Come

No one really likes to think about writing a will, but it can also be a wonderful time of reflection and recognition. When you write your will, you acknowledge the people and institutions that mean the most to you. Including Cape Fear Community College among the beneficiaries of your will indicates your belief in the power of providing affordable education that can change lives. You already believe that the gift of education can provide hope, opportunity and jobs to local residents, and a bequest in your will can do this for generations of students to come.

A bequest in your will is also the easiest major gift you can make. Why?

It’s Simple:
A simple paragraph in your will (suggested text below) in your will or codicil (an official amendment) sets up your gift to the CFCC Foundation.

It’s Revocable:
A bequest doesn’t take effect until your death. That means that if your plans or circumstances change, you can easily revise your will.

It’s Private:
The provisions of your will are not made public until your death.

And it’s appreciated!
Although your will is not made public, if you let us know you have remembered us in your will, we will welcome you into the W. Mercer Rowe Planned Giving Society at Cape Fear Community College, which recognizes our friends who make an estate-plan gift during their lifetimes. (You can also advise us not to print your name in lists of Society members).

Choose the Bequest that Best Fits Your Needs

Specific Bequest
This transfers a particular sum of money or item of property to us: (“I bequeath all of my shares of ___ Corporation to the Cape Fear Community College Foundation, a North Carolina non-profit organization located in Wilmington, NC.”) Note: if you no longer own this property when you dies, your specific bequest cannot be made.

Residual Bequest
This transfers all or a share of the amount remaining in your estate after debts and taxes have been paid. (“I bequeath twenty-five percent [25%] of the residue of my estate to the Cape Fear Community College Foundation, a North Carolina non-profit organization located in Wilmington, NC.”)  Many donors find that a residual request gives them more flexibility in their long-term planning than a specific bequest, because they are not tied to maintaining particular assets, securities, or sums of money in their portfolios.

Contingent Bequest
A very flexible arrangement, this directs a gift to us only if certain life events do not occur. (“If my daughter does not survive me, I bequeath the residue of my estate to Cape Fear Community College Foundation, a North Carolina non-profit organization located in Wilmington, NC.”)

Planning Note: Please discuss your intentions with us before bequeathing assets such as real estate, business interests, intellectual property or a specific tangible asset such as a car, boat, a collection, a piece of equipment or artwork. We’ll want to talk to you about how we can use, store and/or sell the asset.

Tell Us How to Use Your Bequest

Unrestricted Bequest
This is a gift for our general purposes. It will give us resources to meet any of the challenges and opportunities that the future will bring.

Restricted Bequest
This format specifies how we are to use your gift, such as a one-time scholarship or program funding for a specific department, or placement in a permanent endowment with the annual income applied to the scholarship or project of your choosing.

Planning Note:
Sometimes academic programs or projects evolve and change over time. To make sure that your restricted bequest is as useful as possible when we receive it, please discuss your intentions with us before you or your attorney write your will.

You May Be Asking…

What if I’ve already written my will?
There’s no need to write an entirely new will to add a bequest to us. You may have your attorney prepare a codicil, which makes the changes you want while reaffirming the remaining provisions of your existing will.

If you’ve already included CFCC in your existing will, please let us know! We will prepare a fund authority, or a document that outlines your wishes, to keep on file in our office and ensure we administer your gift according to your wishes. If you wish to be recognized, we will also induct you in the W. Mercer Rowe Planned Giving Society and include you in publications regarding the society. Or your planned gift can also remain anonymous if you wish.

Can you write a will for me?
Unfortunately, no. The role of the CFCC Foundation staff is to explain how your gift can be used to impact students for generations to come, such as providing endowed or non-endowed scholarships. We cannot provide legal advice. To find out more about bequests or other planned giving options, please contact your personal financial advisor.

If you are ready to discuss a bequest or other planned gift (such as the gift of appreciated stocks, bonds, mutual fund shares, a paid life insurance policy, real estate, or including CFCC as the beneficiary of a retirement plan) please contact us at 910.362.7207.

And remember, a bequest in your will is the easiest major gift you can ever make, it costs you nothing during your lifetime, and it can change the lives of students for generations to come.

Content adapted from PlannedGiving.Com, LLC, 2009.

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