Wills and Bequests
A will is never just a legal document. It is also a reflection of the values in which you believe. We hope that you share in the values and mission of The Crown College of the Bible. If you would like to help ensure its continuation, we invite you to consider a bequest to The Crown College of the Bible. To help you, we are providing the following information.
THE FIRST STEPS
You need to make two initial decisions before you can select the type of bequest you desire.
First, decide whether your gift will be "restricted" or "unrestricted" in usage. With a restricted bequest you designate a specific program or activity at The Crown College of the Bible that you wish to support.
With an unrestricted bequest, you permit the College to use your gift where the need is the greatest at the time the funds are received.
Next, determine whether or not you want your gift to be placed into Crown's fund. If the gift is placed in the College's fund, only the income is available each year for the expressed purpose.
If a gift is not placed in the endowment fund, we refer to it as an "outright" gift, and the entire amount is available immediately.
Here are several illustrations of the above concepts:
A. An Unrestricted Outright Bequest
"This bequest is to be used to meet the needs of The Crown College of the Bible as determined by its Board of Trustees."
B. A Restricted Outright Bequest
"This bequest is to be used by The Crown College of the Bible to support the teaching of American History."
C. An Unrestricted Endowed Bequest
"This bequest is to be invested with and become a part of the endowment funds of The Crown College of the Bible. In accordance with policies set by The Crown College of the Bible's Board of Trustees, the income from its investment shall be used for the College's general purposes."
D. Restricted Endowed Bequest
"This bequest is to be invested with and become a part of the endowment funds of The Crown College of the Bible. In accordance with policies set by The Crown College of the Bible's Board of Trustees, the income from its investment shall be used to provide scholarships and/or loans to deserving students.”
CHOOSING THE TYPE OF BEQUEST
Once you have reached a decision regarding the first steps (above), you can now decide the type of bequest that is best. The most common types of bequests include:
General Bequest: This is a gift that is payable from the general assets of your estate. The usual general bequest directs that a certain sum of money be paid to The Crown College of the Bible.
Example: "I direct that $_______ be transferred to The Crown College of the Bible."
Specific Bequest: This gives a particular item of real or personal property to Crown College.
Example: "I direct that 5,000 shares of XYZ corporation stock be transferred to Crown College."
Residuary Bequest: This provides Crown with a remainder of your estate after all of your debts, expenses and taxes have been paid and all general and specific bequests satisfied.
Example: "I direct that all (or a specific percent) of the rest, residue and remainder of my estate be given to Crown College."
Contingent Bequest: This makes Crown College a beneficiary of your estate only when designated beneficiaries fail to survive you.
Example: "If any of the above-named beneficiaries should predecease me, I direct that the share of that beneficiary be transferred to Crown College."
FORMALIZE YOUR INTENTIONS
Once you have the details of your bequest in mind, you are ready to formalize your intentions.
This should be done by having a will prepared, or in some instances, by signing a codicil to your existing will. This is best done by an attorney to ensure that your intentions are properly set forth. If you do not have an attorney, we are able to recommend several in your area for you to contact.
