Bequest Language

Printable Bequest Language

Bequests, or gifts from estates, have positively impacted Germantown Academy and its students over the years. Many of the existing scholarships and transformational gifts that are central to the education of our students originated through the estates of our generous alumni and friends.

Understand the Ways to Give

You may make a bequest to Germantown Academy for a specific dollar amount or a percentage of your estate. You have the option to designate your bequest for general use by the Academy or to restrict its use for a specific purpose (depending upon the size and scope of your gift). Many individuals establish endowments that honor the memory of a family member or loved one. Endowments live in perpetuity because, often, only spendable income is paid out annually.

Specific bequests are used to make a gift of a specific dollar amount or asset (securities, real estate, or personal property). Residuary bequests are used to give all or a portion of the remainder of your estate after payment of expenses and any other amounts designated to beneficiaries.

Alumni and friends are encouraged to call Germantown Academy’s Office of Planned Giving at 267-405-7458 before writing a will that includes any type of restriction on a bequest or other deferred gift.

Summarized below are several examples of suggested wording for bequests to benefit Germantown Academy.

Estate Gift for Unrestricted Purposes

Percentage of Estate

“I hereby will, devise, and bequeath to Germantown Academy, a nonprofit educational institution located in Fort Washington, Pennsylvania, (“Germantown Academy”), _______ percent (____________%) of the rest, residue, and remainder of my estate to be used for its general purposes.”

Specific Amount of Estate

“I hereby will, devise, and bequeath to Germantown Academy, a nonprofit educational institution located in Fort Washington, Pennsylvania, (“Germantown Academy”), the sum of _______ dollars ($____________) to be used for its general purposes.”

Establishing an Endowed Scholarship Fund Through Your Estate (The minimum level at Germantown Academy is $100,000.)

Percentage of Estate

“I hereby will, devise, and bequeath to Germantown Academy, a nonprofit educational institution located in Fort Washington, Pennsylvania, (“Germantown Academy”), _______ percent (____________%) of the rest, residue, and remainder of my estate to be gifted to its endowment in order to establish the ___________________ Endowed Scholarship Fund. Income from this fund shall be used to provide financial aid for deserving students at Germantown Academy. This fund shall be administered by Germantown Academy's Board of Trustees Investment Committee or another committee of the professional staff at Germantown Academy.

“In the event the estate proceeds received by Germantown Academy are insufficient to fully endow the ___________________ Endowed Scholarship Fund, then said proceeds shall be expended according to the scholarship criteria, if any, as set forth herein until such time as proceeds are exhausted.

“If circumstances should at any time in the future make it impractical to continue administering the ________________ Endowed Scholarship Fund for the purposes designated, then Germantown Academy may redesignate the purpose, provided that the terms adhere as closely as possible to my original intent.”

Specific Amount of Estate

“I hereby will, devise, and bequeath to Germantown Academy, a nonprofit educational institution located in Fort Washington, Pennsylvania, (“Germantown Academy”), the sum of _____________ dollars ($___________) to be added to its endowment in order to establish the _________________________ Endowed Scholarship Fund. Income from this fund shall be used to provide financial aid for deserving students at Germantown Academy. This fund shall be administered by Germantown Academy's Board of Trustees Investment Committee or another committee of the professional staff at Germantown Academy.

“In the event the estate proceeds received by Germantown Academy are insufficient to fully endow the _____________________ Endowed Scholarship Fund, then said proceeds shall be expended according to the scholarship criteria, if any, as set forth herein until such time as proceeds are exhausted.

“If circumstances should at some time make it impractical to continue administering the ________________ Endowed Scholarship Fund for the purposes designated, then Germantown Academy may redesignate the purpose—provided that the terms adhere as closely as possible to my original intent.”

Estate Gift to Contribute to an Existing Endowed Scholarship Fund

“I hereby will, devise, and bequeath to Germantown Academy, a nonprofit educational institution located in Fort Washington, Pennsylvania, (“Germantown Academy”), ___________ percent (____________%) of the rest, residue, and remainder of my estate to be added to the ___________________ Endowed Scholarship Fund (established by a Memorandum of Understanding dated _______________), with financial aid to be awarded to deserving students pursuant to the provisions of said memorandum and amendments thereto, if any.”

Germantown Academy’s Thank You

If you have already designated Germantown Academy with a bequest, retirement plan or otherwise, please let us know so that we can welcome you as a member of The Samuel E. Osbourn Society.

Disclaimer

Germantown Academy does not provide legal counsel or tax advice in any form. Please seek the assistance of a licensed attorney, tax advisor, or financial advisor to ensure any gift you are considering fits appropriately with your specific circumstances.