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Where There's a Will There's a Way
by Tony Gilles
The University of
Tennessee gratefully accepts gifts for the benefit of the Institute of Agriculture,
whether made outright, in trust, or by bequest. The following is sample
language that may be helpful to you and your attorney when you create a
bequest for the Institute of Agriculture. Also, while it is not required,
we ask that you send us a copy of that portion of your will naming the Institute
of Agriculture as beneficiary. This serves two purposes: first, to ensure
that the Institute will be able to use your bequest as you intend and, second,
to allow the Institute to plan its future with greater confidence. All correspondence
will be held in strict confidence.
The following are suggested forms for bequests that you
may show to your attorney when you consider writing a bequest to the Institute
of Agriculture. Note that your bequest may be for a stated percent of your
estate, a fixed amount, or the residue. Examples of each are included below.
The Unrestricted Bequest
"I give and bequeath to the University of Tennessee,
Knoxville, Tennessee, for use by the University's Institute of Agriculture____
percent (______%) of my estate as an unrestricted gift."
Bequest for General Endowment
"I give and bequeath to the University of Tennessee,
Knoxville, Tennessee, for use by the University's Institute of Agriculture,
the sum of _______ dollars, which sum shall be added to the general, unrestricted
permanent endowment funds of the University, so that the income derived
therefrom may be used for teaching, research, and extension purposes of
the Institute of Agriculture."
Bequest for a Specific Purpose
"I give and bequeath to the University of Tennessee,
Knoxville, Tennessee, for use by the University's Institute of Agriculture,
____ percent (______%) of my estate, the principal and any income of which
is to be used at the discretion of the Trustees of the University of Tennessee
for [e.g., scholarships for students who are studying in the Institute's
College of Veterinary Medicine], or in the event that such use shall in
the judgment of the Trustees of the University of Tennessee become impracticable,
then for such purpose as the Trustees of the University of Tennessee in
their discretion shall determine."
Bequest for Perpetuating the Annual Gift
"I give and bequeath to the University of Tennessee,
Knoxville, Tennessee, for use by the University's Institute of Agriculture,
the sum of ___________ dollars, the principal of which shall be invested
and reinvested in such manner as the Trustees of the University of Tennessee
may deem best, the income therefrom to be used at the discretion of the
Trustees of the University of Tennessee for the University's Institute of
Agriculture for the Institute's general purposes, and said income to be
recorded in the name of the testator and the Class of ___________ in the
records of the Annual Giving Program of the University of Tennessee Institute
of Agriculture."
Bequest Naming the University Residuary
Beneficiary
"I give and bequeath all the rest of my property,
real and personal, to the University of Tennessee, Knoxville, Tennessee,
to establish an endowment in the name of the testator to support the teaching,
research, and extension purposes of the University's Institute of Agriculture."
Establish a Scholarship or Endow A Faculty
Improvement Fund
With a gift of $15,000, you can fund a scholarship or endow
a faculty improvement fund through a bequest, using one of the aforementioned
samples. By helping the Institute of Agriculture in this way, you can (1)
make a major gift without using any of the funds you need to live on; (2)
reduce your federal estate taxes; (3) make an enduring contribution to your
alma mater; (4) memorialize your family's generosity by naming the endowment
after yourself as donor or after a loved one whose memory you wish to perpetuate;
and (5) become a member of a UT gift club.
For more information, call the Institute's Office of Planned
Giving at (423)  974-7396 or use the coupon below.
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