Mount Angel Abbey's Bequest Language
Types of Bequests
There are a number of ways you can make a bequest to Mount Angel Abbey.
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 assets as specific as your home or $10,000 to Mount Angel Abbey.
Percentage Bequest. Another kind of specific bequest involves leaving a precise percentage of your overall estate to Mount Angel. For example, you may wish to leave 10% of your estate to Mount Angel Abbey.
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 remainder of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Mount Angel Abbey.
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 Mount Angel Abbey.
Percentage Bequest. Another kind of specific bequest involves leaving a precise percentage of your overall estate to Mount Angel. For example, you may wish to leave 10% of your estate to Mount Angel Abbey.
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 remainder of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Mount Angel Abbey.
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 Mount Angel Abbey.
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
To make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Mount Angel Abbey and Seminary through the Abbey Foundation of Oregon 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 Mount Angel Abbey and Seminary through the Abbey Foundation of Oregon, we recommend the following language:
Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to the Abbey Foundation of Oregon, a nonprofit organization located at PO Box 497, Saint Benedict, OR, 97373-0497, Federal Tax ID #04-3703021, for such purpose as the Abbey Foundation of Oregon shall determine are in the best interest of Mount Angel Abbey and Seminary.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to the Abbey Foundation of Oregon, a nonprofit organization located at PO Box 497, Saint Benedict, OR, 97373-0497, Federal Tax ID #04-3703021, for such purpose as the Abbey Foundation of Oregon shall determine are in the best interest of Mount Angel Abbey and Seminary.
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 the Abbey Foundation of Oregon, a nonprofit organization located at PO Box 497, Saint Benedict, OR, 97373-0497, Federal Tax ID #04-3703021, for such purpose as the Abbey Foundation of Oregon shall determine are in the best interest of Mount Angel Abbey and Seminary.
2. Percentage BequestI hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to the Abbey Foundation of Oregon, a nonprofit organization located at PO Box 497, Saint Benedict, OR, 97373-0497, Federal Tax ID #04-3703021, for such purpose as the Abbey Foundation of Oregon shall determine are in the best interest of Mount Angel Abbey and Seminary.
Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to the Abbey Foundation of Oregon, a nonprofit organization located at PO Box 497, Saint Benedict, OR, 97373-0497, Federal Tax ID #04-3703021, for such purpose as the Abbey Foundation of Oregon shall determine are in the best interest of Mount Angel Abbey and Seminary.
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 the Abbey Foundation of Oregon, a nonprofit organization located at PO Box 497, Saint Benedict, OR, 97373-0497, Federal Tax ID #04-3703021, for such purpose as the Abbey Foundation of Oregon shall determine are in the best interest of Mount Angel Abbey and Seminary.
If you are considering making a bequest of a percentage of your estate to Mount Angel Abbey, 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 the Abbey Foundation of Oregon, a nonprofit organization located at PO Box 497, Saint Benedict, OR, 97373-0497, Federal Tax ID #04-3703021, for such purpose as the Abbey Foundation of Oregon shall determine are in the best interest of Mount Angel Abbey and Seminary.
3. Residual Bequest
I hereby give, devise and bequeath to the Abbey Foundation of Oregon, a nonprofit organization located at PO Box 497, Saint Benedict, OR, 97373-0497, Federal Tax ID #04-3703021, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for such purpose as the Abbey Foundation of Oregon shall determine are in the best interest of Mount Angel Abbey and Seminary.
4. Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to the Abbey Foundation of Oregon, a nonprofit organization located at PO Box 497, Saint Benedict, OR, 97373-0497, Federal Tax ID #04-3703021, DESCRIPTION OF PROPERTY to be used for such purpose as the Abbey Foundation of Oregon shall determine are in the best interest of Mount Angel Abbey and Seminary.
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 Mount Angel Abbey and Seminary flexibility should it no longer be possible for Mount Angel Abbey to use your gift as you originally intended:
If, in the judgment of the Board of Directors of the Abbey Foundation of Oregon, it shall become impossible for Mount Angel Abbey and Seminary to use this bequest to accomplish the specific purposes of this bequest, the Abbey Foundation of Oregon may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Contact Us
Please contact us if you have any questions about how to make a bequest to Mount Angel Abbey and Seminary or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for Mount Angel Abbey in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.