Sample Bequest Language

 

To assist you in creating a bequest to The Community Trust in your client’s last will and testament, we have provided sample language that will help us to better understand the wishes of your client in creating a named fund. Please note that, in general, a minimum of $10,000 is needed to establish a named fund with us. Smaller donations of $5,000 can be given to an acorn fund with the intent to grow the fund to $10,000 within a specified period of time. Grants will not be made from a fund until it has reached a minimum value of $10,000.

To our donors, we encourage you to discuss this information with your professional advisor as this is not intended to be legal advice.

I hereby give and bequeath to The Greater Lynchburg Community Trust, Lynchburg, Virginia, ______% of my residuary estate for the following purpose:

or

I hereby give and bequeath to The Greater Lynchburg Community Trust, Lynchburg, Virginia, $ _______________ for the following purpose

or

I hereby give and bequeath to The Greater Lynchburg Community Trust, Lynchburg, Virginia, the assets described on Schedule A attached hereto for the following purpose:

Language may be used to add to an existing fund or to establish a new fund.

  1. To be added to THE ______________________ FUND held and administered by The Greater Lynchburg Community Trust.

or

  1. To establish THE ___________________ FUND to be held and administered by The Greater Lynchburg Community Trust subject to acceptance by The Community Trust and shall be administered by The Community Trust subject to its “Amended and Restated Resolution and Declaration of Trust” including the power contained therein for the Board of Directors of The Community Trust to modify any restrictions or conditions if in their sole judgment such restriction becomes, in effect, unnecessary, incapable of fulfillment, or inconsistent with the charitable needs served by The Community Trust. The fund shall be established as:
  • An Unrestricted Fund, with net income available for general charitable uses and purposes.
  • A Field-of-interest Fund, with net income available to support organizations and programs which (describe one or more areas of charitable interest).
  • A Designated Fund, with net income available to exclusively support the following organizations: (list charitable organizations and relative percentages).
  • A Donor-Advised Fund. The following person(s) will be the Fund Advisor(s) and will retain this privilege during (his)(her) lifetime.
  • A Scholarship Fund, with net income available for providing scholarship support to (describe scholarship purpose and selection criteria in detail).

A direction letter could serve as additional guidance to better assist The Community Trust’s staff in following the wishes of your client. We have provided a sample letter that could be tailored to your client’s situation.

documentdownload Sample Direction Letter

If your client desires, a Fund Agreement could be completed at the time the will is executed and the document may be referenced in the will as follows:

“…subject to acceptance by The Community Trust and shall be administered by The Community Trust subject to its “Amended and Restated Resolution and Declaration of Trust” including the power contained therein for the Board of Directors of The Community Trust to modify any restrictions or conditions if in their sole judgment such restriction becomes, in effect, unnecessary, incapable of fulfillment, or inconsistent with the charitable needs served by The Community Trust and to follow the directions of the separate Fund Agreement previously executed with The Greater Lynchburg Community Trust on (date).”

In some situations, a fund may be established and funded with $10,000 right away, and the bequest language in the last will and testament and/or in a direction letter may refer to an addition to that fund. This makes the executor’s job easier since the road has been clearly paved ahead of time.

It's Our Mission

The principal mission of The Community Trust is to enhance the quality of life in the communities served by the establishment of permanent endowments for the cities of Lynchburg and Bedford and the counties of Amherst, Appomattox, Bedford and Campbell, with income distributed annually to charitable organizations within the community.

Get In Touch

  •   The Greater Lynchburg Community Trust
      101 Paulette Circle, Suite B
    Lynchburg, VA 24502
  •   434.845.6500
  •   434.845.6530 fax