Sample Legal Language

Bequest in Will

The following language is suitable for inclusion of your will if you wish to leave a bequest (technically called to “devise” under Michigan law) to the Saginaw Community Foundation:

I devise to the Saginaw Community Foundation, a Michigan nonprofit corporation, ____________________________ (describe devise, such as: “One Thousand Dollars” or “all of the residue of my estate”) to be used in all furtherance of the charitable purposes of the Saginaw Community Foundation as defined in and subject to the provisions of its Articles of Incorporation and Bylaws.

If the amount of the devise meets the minimum contribution requirements of the Saginaw Community Foundation, you may create a separately identifiable fund by name and purpose by adding language from one of the four options:

Named Fund/Unrestricted Purpose

This devise will be used to establish a component fund to be known as the ____________________ Fund. I direct that the annual net income of the Fund be used exclusively for the charitable purposes set forth in the Articles of Incorporation and Bylaws of the Community Foundation as determined from time to time by the governing board.

Field of Interest Fund

This devise will be used to establish a component fund to be known as the _____________________ Fund. I direct that the annual net income of the Fund be used for __________________________ (specify charitable purpose, such as: “the care of the homeless” or “senior citizen health care”).

Designated Fund

This devise will be used to establish a component fund to be known as the _____________________ Fund. I direct that the annual net income of the Fund be used to support _______________ (insert name of particular charitable agency to be supported, such as: “the ABC Community Hospital” or “the ABC School District”.)

Donor Advised Fund

This devise will be used to establish a component fund to be known as the _____________________ Fund. I direct that an Advisory Committee consisting of _______________________, ____________________________ and
_____________________________ may make written recommendations from time to time to the governing board (or Distribution Committee) concerning grants from the Fund, provided the proposed grant is in furtherance of the general charitable purposes of the Saginaw Community Foundation. I recognize that these recommendations may be accepted or rejected, in whole or in part, by the governing board (or Distribution Committee) in its sole discretion.

Distribution of Principal

If you agree to permit the foundation’s board to invade principal in unusual circumstances, the following language should be added:

It is my intention that the distributions from the Fund will ordinarily be made from income only. When extraordinary circumstances exist however, the governing board (or Distribution Committee) may authorize distributions from the principal of the Fund.