A charitable bequest is a clause in your Will directing your executor to pay a portion of your assets to the Atlantic School of Theology.
You can arrange bequests for a specific amount of cash or property. Alternately, you can arrange a bequest of a percentage of the residue of your estate. The residue is what remains after all expenses and specific bequests are paid.
Charitable bequests provide a tax credit that your executor may use to offset income taxes owing on your final tax return. Your executor may claim credits of up to 100% of your net income on your final two annual tax returns. With careful planning it may be possible to eliminate all income taxes payable on death.
Those who have designated a charitable bequest in their estate plans and have notified AST of their intentions become a member of the AST Legacy Circle.
To ensure your wishes are legally binding you should consult a lawyer. The Advancement Department is available to assist you and your advisor to ensure that the design of your bequest satisfies your needs.
Sample Bequest Clauses.
To make a bequest to AST, we suggest the following legal wording:
"I give, devise and bequeath the sum of ______ dollars (or a designated property or portion of estate) to Atlantic School of Theology, both the principal and income to be derived there from to be used in such manner as the Board of Governors of the said University shall from time to time determine (or as restricted by the donor)."
Vary to purpose clause.
At times circumstances make the specified use of a gift no longer practical or desirable, for instance if a program or initiative is revised or discontinued. For this reason we urge you to insert the following additional clause in your will:
"If circumstances should, at some time, make it impossible, inadvisable, or impractical to continue using the annual investment return from this fund for the designated purpose, then I authorize the Board of Governors of AST, in its discretion, to use the investment return from this fund in such a manner as the Board may deem to be in the best advantage of AST while adhering as closely as possible to my original intent. (In any such alternative application, the support provided by this gift shall be clearly identified with the name of the donor.)"