One of the easiest and least expensive ways to benefit Sarah Lawrence and reduce your estate taxes is to include a bequest provision in your will or revocable trust. Since it is simple to update or revise your will, bequests allow you the most flexibility and security should your circumstances or plans change.
Types of bequests:
- Outright—funded with specified assets such as cash, securities, real estate, or personal property
- Residual—provides a share of the remainder of your estate after your heirs have been provided for
- Contingent—distributes property only if you outlive your heirs
- Testamentary Trusts—provides one or more heirs with income for life, after which the assets are transferred to Sarah Lawrence
You can provide a bequest for Sarah Lawrence by revising your will, adding a codicil to your existing will, or including the College in a revocable trust.
"I hereby give, devise and bequeath to Sarah Lawrence College, Bronxville, New York, the _____% of the rest, residue, and remainder of my estate (or $_____, or property) to be used for general purposes (or your purpose here)."
If you designate your bequest for a specific purpose, consider including a provision that will ensure that your gift will continue to provide for the College's needs.
"If the trustees of Sarah Lawrence College determine at any time that such purpose is obsolete, inappropriate, or unfeasible, the trustees may use this bequest for any purpose that will most nearly accomplish my wishes."