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Bequest Language

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The Josef Gingold Fund for the International Violin Competition of Indianapolis

Bequest Language

A bequest—a gift in your will—is simple and convenient. You can create a legacy through a bequest.  Your bequest can be a specific dollar amount or a percentage of your estate. You can designate your bequest for general use, or you can restrict its use. Many individuals establish endowments that honor the memory of a family member or another loved one.

Examples of various types of bequests

Specific bequests are used to make a gift of a specific dollar amount or specific asset (such as securities, real estate, or personal property). Residuary bequests are used to give all or a portion of the remainder of your estate after payment of expenses and any specific amounts designated to other beneficiaries.

Including The Josef Gingold Fund in your will

The following includes several examples of suggested bequest wording to benefit The Josef Gingold Fund. Each individual situation is unique; therefore, these examples include only some of the possible gift opportunities. Because a will is an important legal document, you should seek an attorney's help. To assist you with this important process we offer some suggested wording below.

Percentage of estate for unrestricted purposes

"I give to The Josef Gingold Fund, a not-for-profit organization located in Indianapolis, IN, _____ percent (%) of the remainder of my estate for its general charitable purposes.”

Percentage of estate to establish an endowed fund

"I give to The Josef Gingold Fund, a not-for-profit organization located in Indianapolis, IN, _______ percent (%) of the remainder of my estate to establish the __________________ Endowed Fund. The portion of this fund available for spending each year shall be used to _______________________________. Contributions may be added to the Fund at any time. If changed circumstances should at some future time make it impractical to continue administering the Fund for the purpose designated, then The Josef Gingold Fund Board of Directors may redesignate the purpose, provided that the terms adhere as closely as possible to the original intent.”

Specific amount for unrestricted purposes

"I give to The Josef Gingold Fund, a not-for-profit organization located in Indianapolis, IN, the sum of $_________ in cash (or ________ shares of ______________ stock) to be used for its general charitable purposes."

Specific amount for specific purposes

"I give, devise, and bequeath to The Josef Gingold Fund, a not-for-profit organization located in Indianapolis, IN, the sum of $________ in cash or in-kind (or ________ shares of ___________ stock) to be used for ______________________________________ by The Josef Gingold Fund of the International Violin Competition of Indianapolis. If changed circumstances should at some future time make it impractical to continue administering the Fund for the purpose designated, then The Josef Gingold Fund Board of Directors may redesignate the purpose, provided the terms adhere as closely as possible to my original intent."

Designating the purpose of a bequest

Unrestricted: The most useful type of bequest is unrestricted, allowing the funds to be allocated wherever the need is greatest, and taking into account that changes (cures, laws, etc.) may necessitate a use that cannot be anticipated at the time of the gift.

Restricted: You may direct your gift to designated purposes that meet the needs of The Josef Gingold Fund of the International Violin Competition of Indianapolis. If the bequest is restricted to a specific purpose, it is important that the following wording be added at the end of the provision. This will ensure that, in the remote possibility a specified purpose may cease to need funds in the future, an alternate use for the bequest may be determined. “If changed circumstances should at some future time make it impractical to continue administering the Fund for the purpose designated, then The Josef Gingold Fund Board of Directors may redesignate the purpose, provided the terms adhere as closely as possible to my original intent."

 

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