A bequest is a powerful way for you to leave a lasting legacy to WPI. In consultation with your attorney, you may find that after taking care of your loved ones, a charitable bequest is a way to lessen your estate tax burden (if applicable), and benefit WPI. There are two things to think about when considering a bequest:
STEP ONE: What type of charitable bequest do you wish to make?
Specific – WPI receives a specified dollar amount or item(s) of property.
“I irrevocably give, devise, and bequeath to Worcester Polytechnic Institute (“WPI”), Tax ID #042-12-1659, a Massachusetts not-for-profit educational corporation located at 100 Institute Road, Worcester, MA 01609, the sum of $_________ (or a description of a specific asset), for the benefit of WPI to be used for the following purpose: [state the purpose or if for unrestricted, general use]. If at any time in the judgment of the trustees of WPI it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose.”
Percentage – WPI receives a set percentage of your estate’s value.
“I give, devise and bequeath to Worcester Polytechnic Institute (“WPI”), Tax ID #042-12-1659, a Massachusetts not-for-profit educational corporation located at 100 Institute Road, Worcester, MA 01609, ______% of my residual estate for the benefit of WPI to be used for the following purpose: [state the purpose or if for unrestricted, general use]. If at any time in the judgment of the trustees of WPI it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose.”
Residuary – WPI receives whatever is left of your estate after all taxes, expenses and other specific bequests are made.
“All the rest, residue, and remainder of my estate, both real and personal, I irrevocably give to Worcester Polytechnic Institute (WPI), Tax ID #042-12-1659, a Massachusetts not-for-profit educational corporation located at 100 Institute Road, Worcester, MA 01609, for the following purpose: [state the purpose or if for unrestricted, general use]. If at any time in the judgment of the trustees of WPI it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose.”
Contingent – This option allows you to leave all or a portion of your estate to WPI if your named beneficiary(ies) do not survive you, e.g. all heirs are no longer living.
“I devise and bequeath the residue of the property, real and personal and wherever situated, owned by me at my death, to (name of beneficiary), if (she/he) survives me. If (name of beneficiary) does not survive me, I irrevocably devise and bequeath my residuary estate to Worcester Polytechnic Institute (WPI), Tax ID #042-12-1659, 100 Institute Road, Worcester MA 01609, for the following purpose: [state the purpose or if for unrestricted, general use]. If at any time in the judgment of the trustees of WPI it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose.”
STEP TWO: Do you want your bequest to create a named, endowed fund for WPI’s general use (unrestricted) or a specific purpose (restricted)?
If you are interested in making a bequest for a specific program or interest (whether endowed or not), we encourage you to contact WPI before finalizing the documents to ensure the University can fulfill your wishes.
To Create any type of Named Endowed Fund (current minimum $50,000):
“I give and bequeath to Worcester Polytechnic Institute (“WPI”), Tax ID #042-12-1659, a Massachusetts not-for-profit educational corporation located at 100 Institute Road, Worcester, MA 01609, the sum of ___________ dollars (or the property described below, or ______% of my residual estate) for the establishment of the ____________________ Fund. Distributions shall be made from the endowment in the manner and amount provided for in the spending policies established for such endowment funds by the Board of Trustees and shall be used for (describe purpose). Should the need for such a Fund cease to exist, I empower the Trustees of WPI to alter the application of this Fund as they deem most appropriate at that time.”