Suggested Bequest Language
When leaving a bequest to the Community Foundation, we suggest that the donor keep the language in his or her will as general as possible (perhaps just naming the Fund and indicating that additional details as to the charitable purpose are contained in a Fund Agreement on file with the Southeast Virginia Community Foundation). That way, the donor can be certain that his or her charitable legacy is aligned with the Foundation’s fund policies and grantmaking guidelines; also, he or she can update the fund agreement with the Community Foundation at any time without having to rewrite the will.
We suggest the following language:
“I give and bequeath to The Southeast Virginia Community Foundation, Portsmouth, Virginia, Federal Tax Identification # 27-2529017….”
Then specify a portion or an amount:
• …the sum of $_____; or
• …property consisting of [provide detailed description of property]; or
• _____ percent of my estate; or
• …all the rest, remainder and residue of my estate.
Finally, designate a purpose:
• Unrestricted gift (area of greatest need): “…to be used for community benefit at the discretion of The Southeast Virginia Community Foundation.”; or
• To establish a fund: “…to establish a permanent endowed fund known as ___________ Fund, from which disbursements will be made for the support of [indicate charitable purpose].”; or
• To add to an existing fund: “…to add to a permanent endowed fund known as _______ Fund, from which disbursements will be used for charitable purposes as defined in the Fund agreement.”
Donors and professional advisors are always welcome to contact the CEO (757-397-5424) for confidential, detailed and situation-specific information on establishing a fund at the Community Foundation.
Donors and friends who designate a bequest by will or establish a planned gift in support of the Community Foundation are eligible to be named as a member of the Foundation’s Legacy Society if they so choose.