• Bequests & Estate Plan Gifts

    A bequest is a gift from your estate—a transfer of cash, securities, or other property made through your estate plans. You can make a bequest to the Pennsbury Scholarship Foundation by including language in your will or living trust leaving a portion of your estate to the PSF, or by designating the PSF as a beneficiary of your retirement account or life insurance policy.

    Remembering the PSF with a bequest from your estate will help sustain and strengthen the Foundation in years to come. Some of the advantages of creating a bequest include:

    • A bequest costs nothing now, yet gives you the satisfaction of knowing you have provided for the PSF in the future
    • You retain control of and use of your assets during your lifetime
    • You may modify your bequest if your circumstances change
    • Gifts to the PSF from your estate are exempt from both state inheritance tax and federal estate tax

    MAKING A BEQUEST

    A bequest to the PSF can be made for a specific amount, for a percentage of your estate, or for all or a portion of what is left after you have made bequests to your family. To make a gift to the PSF from your estate, you must sign a new will or living trust instrument, add a codicil to your present will, or make an amendment to your present trust instrument.

    Alternatively, you can designate the PSF as a beneficiary of a retirement plan or life insurance policy. To do so, contact the retirement plan administrator or life insurance company and complete the appropriate beneficiary designation form.

    To assist you in preparing your bequest, we have provided sample bequest language.

    BEQUEST LANGUAGE

    In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to the PSF in your estate plan. Included below is some basic bequest language to assist you and your attorney.

    Specific Bequest

    If you are considering making an outright bequest to the PSF, we recommend the following language:

    Bequest of a Specific Dollar Amount

    I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to the Pennsbury Scholarship Foundation, a nonprofit organization located at 134 Yardley Ave., Fallsington, PA 19054, Federal Tax ID #23-6390934, for the Pennsbury Scholarship Foundation’s general use and purpose.

    Bequest of Specific Personal Property

    I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to the Pennsbury Scholarship Foundation, a nonprofit organization located at 134 Yardley Ave., Fallsington, PA 19054, Federal Tax ID #23-6390934, for the Pennsbury Scholarship Foundation’s general use and purpose.

    Bequest of Specific Real Estate

    I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to the Pennsbury Scholarship Foundation, a nonprofit organization located at 134 Yardley Ave., Fallsington, PA 19054, Federal Tax ID #23-6390934, for the Pennsbury Scholarship Foundation’s general use and purpose.

    Residual Bequest

    I hereby give, devise and bequeath to the Pennsbury Scholarship Foundation, a nonprofit organization located at 134 Yardley Ave., Fallsington, PA 19054, Federal Tax ID #23-6390934, for the Pennsbury Scholarship Foundation’s general use and purpose, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for the Pennsbury Scholarship Foundation's general use and purpose.

    Contingent Bequest

    If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to the Pennsbury Scholarship Foundation, a nonprofit organization located at 134 Yardley Ave., Fallsington, PA 19054, Federal Tax ID #23-6390934, DESCRIPTION OF PROPERTY to be used for the Pennsbury Scholarship Foundation's general use and purpose.

     

    RESTRICTED BEQUESTS

    If you are considering a bequest but would like to ensure that your bequest will be directed toward a specific endowed namesake scholarship, please let us know. We would be happy to work with you and your attorney to craft language to accomplish your goals.

    If you are making a restricted bequest, we recommend that your attorney include the following provision to give the Pennsbury Scholarship Foundation flexibility should it no longer be possible for us to use your gift as you originally intended:

    If, in the judgment of the Board of Directors of the Pennsbury Scholarship Foundation, it shall become impossible for the Pennsbury Scholarship Foundation to use this bequest to accomplish the specific purposes of this bequest, the Pennsbury Scholarship Foundation may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.

     

    CONTACT US

    Please contact us if you have any questions about how to make a bequest to the Pennsbury Scholarship Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.

    If you have already included a bequest for the Pennsbury Scholarship Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.

     

    This site is informational and educational in nature. It is not offering professional tax, legal, or accounting advice. For specific advice about the effect of any planning concept on your tax or financial situation or with your estate, please consult a qualified professional advisor.