More On Bequests

A bequest is a gift made in a will or living trust. Bequests can be made in the form of a specific gift of cash or property, or a percentage of the remainder of an estate or trust. The full amount of a bequest is usually deductible for estate tax purposes.

A charitable bequest can be designated for a specific purpose. This language is typically written into the will. It is best to have both the designation and the language reviewed in advance by the Alumni Office so as to avoid any potential difficulties for the executor of the will. To do so, please get in contact with Anke Nolting, Associate Dean and Executive Director of Alumni Relations and Development, at (212) 305-3498 or aln1@columbia.edu.

The University’s counsel has approved the following language as an effective bequest:

“I give and bequeath to The Trustees of Columbia University in the City of New York, for the College of Physicians and Surgeons [the amount of $________] or [__% of my estate or trust], to support _____________________ (e.g., research or education or fellowships).”

Strategy Tip: It is not necessary to rewrite the entire will in order to name an additional beneficiary. A simple codicil can often accomplish the same objective.