Planned Giving
Bequest to UMMS
One of the most popular and oldest forms of planned gift is the bequest. A bequest is a provision included in a will that names UMMS as a beneficiary of all or a portion of the estate of the person who made the will.
There are several ways to include the Medical System in your will and the one you choose depends on family considerations, your charitable interests, the assets that make up your estate and your goals. Bequests can be made using a variety of assets including cash, securities, real estate, insurance policies or personal property. If you already have a will, you can add a bequest with a codicil, an amendment to your will.
There is no limit on how much you can contribute through your will. Your estate will be entitled to an estate tax deduction for the full fair market value of the property donated.
It is also possible to establish a life income gift through a bequest.
With a specific bequest, you direct that the Medical System receive a particular dollar amount or specific items from your estate. A residuary bequest refers to a bequest made from the assets remaining after specific bequests and expenses related to the settlement of your estate have been made.
You Decide How Your Gift will be Used
Unrestricted Bequest
An unrestricted bequest to the University of Maryland Medical System assures that your gift will be used where it is most needed.
"I give, devise and bequeath (DESCRIPTION OF GIFT) to the UMMS Foundation, a nonpublic Maryland corporation, to be used for or disposed of as its Board of Trustees in its sole discretion deems appropriate."
A Bequest for A Specific Purpose
You may, however, prefer to designate your gift for a special program or department of particular interest to you. If you do wish to restrict the use of your bequest for a specific program or purpose, it is in the best interest of all involved to agree on the intended use before your will is executed.
"I give, devise and bequeath (DESCRIPTION OF GIFT) to the UMMS Foundation, a nonpublic Maryland corporation, to be used for (INSERT INSTRUCTIONS FOR USE OF YOUR GIFT). When a bequest is restricted to a specific purpose, it is important that the following wording be added at the end of the provision. This will ensure that, in the remote possibility a specified purpose may cease to need funds in the future, an alternate use for the bequest may be determined."
"...for so long as the Board of Trustees of the UMMS Foundation determines that the need exists. Should the need no longer exist, said Board of Trustees may, in its sole discretion, direct the use of my bequest for a purpose related as closely as possible to that stated above."
Suggested Language for a Bequest to UMMS
A Bequest from the Remainder of Your Estate
A frequently used method is to leave a percentage of the residue of an estate. After providing for relatives and friends, the will specifies that all or a portion of the residue be distributed to the Medical System through a gift to the UMMS Foundation. The following language is suggested:
"I give, devise and bequeath (all or _____%) of the remainder of my estate to the UMMS Foundation, a nonpublic Maryland corporation, to be used for or disposed of as its Board of Trustees in its sole discretion deems appropriate."
A Bequest of A Specific Amount
Another method is to leave a specific dollar amount:
"I give, devise and bequeath the sum of ($ ____) to the UMMS Foundation, a nonpublic Maryland corporation, to be used for or disposed of as its Board of Trustees in its sole discretion deems appropriate."
A Bequest of Real Estate or Personal Property
A third choice is to leave a specific piece of property which could include real estate as well as personal property:
"I give, devise and bequeath (DESCRIPTION OF PROPERTY) to the UMMS Foundation, a nonpublic Maryland corporation, to be used for or disposed of as its Board of Trustees in its sole discretion deems appropriate."
When giving property other than cash or securities, it is important to discuss your intentions with the Medical System in advance to assure your bequest can be accommodated.
A Bequest to Create or Add To An Endowment
You may wish to designate your bequest for an endowment. An endowment is a perpetual fund created through a gift that is held and invested to provide income for use in support of the Medical System as designated by you. Your endowment may be unrestricted or provide support for a specific purpose. The following sample language is an example of an unrestricted endowment created through a bequest.
"I give, devise and bequeath unto the UMMS Foundation, a nonpublic Maryland corporation, (DESCRIPTION OF GIFT) (to establish or to be added to) an endowment to be known as the (INSERT NAME) Endowment, the net income from this endowment to be used for or disposed of as its Board of Trustees in its sole discretion deems appropriate."
If you wish to restrict the use of the endowment for a specific program or purpose, it is important that you discuss your plans with the Medical System before your will is executed to ensure your wishes are in keeping with UMMS's mission and is leaglly possible.
Getting Good Advice
No matter which method you choose, it is important that your will be prepared by an attorney experienced in estate planning. The proper name for the UMMS Foundation is also important and should always be provided as shown previously shown in the sample illustrations.
If you would like more information on supporting the Medical System through a bequest, please click here to send us an e-mail.