Bequests
file photo Father and sons look for a deceased loved one’s name on Harmon Wall.
Many Norwich alumni and friends find that bequest provisions are an attractive means of contributing to the University. Most do so as a supplement to gifts they make during their lifetime, and inform Norwich that they have included a provision in their will to benefit the University. Some of the most significant gifts received by Norwich have come in the form of bequests.
If you want to remember Norwich in your will, we greatly appreciate your generosity. If you are comfortable, we would enjoy the opportunity to speak with you about the legacy that you are planning so we can help you make the best gift possible for you and for Norwich. We would also like to recognize your gift with membership in the 1819 Circle of the Partridge Society. Please contact David Ely, Assistant Vice President of Development, at 802.485.2301 or email dely@norwich.edu if you have questions about this process.
Specific and General Bequests
A bequest provision is typically:
- A specific dollar amount;
- A specified percentage of your estate;
- A particular piece of real estate, such as a home or commercial building; or
- Valuable personal property, such as a work of art.
Residuary Bequests
Under a residuary bequest, you stipulate that Norwich is to receive a share or the entire proceeds of your estate only after other bequest provisions and intentions have been satisfied, such as bequests to family members, debts, taxes, and other financial obligations.
Contingent Bequests
In a contingent bequest, Norwich would receive all or a share of your estate only in the event of the death or disqualification of your principal beneficiary, such as a spouse, other family member or organization.
One method of satisfying the need to provide for a spouse or family member and still make a significant gift to Norwich is to have the proceeds from your estate used to create a trust, which will provide a lifetime income for a spouse or other beneficiaries, with the principal eventually going to the University.
Because state laws govern wills, be sure to consult with an attorney who practices law in the state where you currently reside to draw up or review your will. Your attorney can discuss the details of a gift provision with Norwich and send a copy of your will to the University so we may add you to the 1819 Circle of the Partridge Society.
In the planning of all bequests, however, Norwich would greatly appreciate being involved in the process so we can confirm that we will be able to carry out your wishes and honor any restrictions that you have placed on the use of your assets.
An example of the language that might be appropriate for leaving a legacy at Norwich through your will is: I hereby bequeath X%, or the remainder of my estate, to Norwich University, 158 Harmon Drive, Northfield, Vermont.
Please contact David Ely, Assistant Vice President of Development, for more information at 802.485.2301 or email dely@norwich.edu.
