Sample Bequest Language

Charitable gifts from your estate (bequests) are beneficial to you and your favorite charities whether taxes are low or high. In a low-tax environment, you can leave adequate amounts to heirs and still have money left to accomplish your philanthropic goals. In a high-tax environment, bequests to charity provide deductions that reduce the tax liability and shelter assets intended for individual beneficiaries. Please contact us to discuss the possibilities.

We recommend the following language or similar wording to include a bequest to the MCV Foundation in your will or revocable trust. Please share the language below with the attorneys who are preparing your estate planning documents:

For an unrestricted gift to be used where there is the greatest need or for its general purposes:

“I give, devise and bequeath to the Medical College of Virginia Foundation, a not-for-profit corporation located in Richmond, Virginia, (“MCV Foundation”) the sum of $_______ [or _____% of my residuary estate] to be used for its general purposes.”

To allocate your bequest to a particular purpose:

“I give, devise and bequeath to the Medical College of Virginia Foundation, a not-for-profit corporation located in Richmond, Virginia,  (“MCV Foundation”) the sum of $_______ [or _____% of my residuary estate] to be used for . . .

- endowed need-based scholarships for students at the VCU School of Allied Health Professions . . . [or] students at the VCU School of Dentistry . . . [or] students at the VCU School of Medicine . . . [or] students at the VCU School of Nursing . . . [or] students at the VCU School of Pharmacy.

- an endowed Chair or, if the minimum amount required to establish a chair exceeds the amount of this bequest, then for other faculty support in the discretion of the Board of Trustees of the MCV Foundation . . . [or] an endowed Chair at the VCU School of _____________________  in the field of ___________ . . .

- medical and scientific research at VCU Medical Center in the field of _________. . .

The above options are only examples and do not encompass all of the programs or schools on the MCV Campus. Whenever you consider including a bequest to the MCV Foundation, we encourage you to speak in advance with your contacts on campus or call your Planned Giving team to discuss how to allocate your gift.