Methods for Making Bequests

Once you've decided on the kind of bequest, you must determine how the bequest will be identified. You have at least three options.

First, you can specify a specific amount or item. For example, you could bequeath a vacation home to the Collin College Foundation, Inc. or certain securities or a set amount of money.

Second, you can name the Collin College Foundation, Inc. to receive a percentage of the residue of your estate - the amount that is left after the bills and specific bequests have been made.

Finally, you could name the Collin College Foundation, Inc. as a contingent beneficiary to receive that part of your estate that would have passed to another person had he or she been living. For example, a will can indicate that everything is to go to your spouse unless your spouse predeceases you - in which case the assets, or part of them, could be assigned to the Collin College Foundation, Inc.

As you think through your estate giving plans, you may want to talk with our Executive Director, Mary Frazier. She has worked with other people concerning their bequest plans and can explain the giving options you have. She will also tell you whether the Collin College Foundation, Inc. will have trouble honoring any restricted bequest you may envision.

In addition, Ms. Roman will supply you with the correct legal name of the Collin College Foundation, Inc., as well as suggested wording for the various bequests types and methods mentioned above.

All of this will assist your attorney when you meet with him or her to discuss and finalize your will.

As you proceed with your estate plans, we strongly encourage you to inform us about any bequest decisions affecting Collin College Foundation, Inc. This will help ensure that we can honor any restrictions you have placed in your bequest. It also helps our long-range planning efforts if we know where future resources are being directed. Best of all, it gives us the opportunity to thank and honor you in advance, and to include you in our Legacy Guild or President's Council.