Deferred Giving Options

The type of bequest and its purpose will determine the particular form of a bequest clause.

  UNRESTRICTED BEQUEST

Under discretion of the trustees, income, principal, or both may be used for the general purposes of the Library. An unrestricted bequest is especially valued by the trustees who may then either use the gift for immediate needs, place it in the endowment or reserve it for future needs.

"I bequeath to THE TRUSTEES OF FORBES LIBRARY, a charitable corporation established by law at Northampton in the Commonwealth of Massachusetts, the sum of .......... dollars (or percentage of estate), to be used for the Library's general purposes."

  BEQUEST TO ESTABLISH AN ENDOWED FUND

Bequests of $100,000 of more may be designated to establish a permanent, named fund, usually as a memorial, with the income available to meet the general needs of the Library or a more specific designation.

"I devise and bequeath to THE TRUSTEES OF FORBES LIBRARY, a charitable corporation established by law at Northampton in the Commonwealth of Massachusetts, (insert here the amount in dollars, percentage of estate, complete description of the securities, real estate or other property) to be known as the ............... Fund, the principal to be added to the endowed funds of the Library, and the net income there from, and such portion of the gains as determined by the trustees, to be used for ________________________."

  RESIDUARY BEQUEST

Occasionally Forbes Library is named as the beneficiary of part of or the entire residue of an estate.

"I devise and bequeath to THE TRUSTEES OF FORBES LIBRARY, a charitable corporation established by law at Northampton in the Commonwealth of Massachusetts, all (or specify a portion) of the rest, residue and remainder of my estate, whether real, personal or mixed, however and whenever acquired and wherever located, to be used for (the general purposes of the Library) or (a specific use)."

  CONTINGENT BEQUEST

By naming Forbes Library as a contingent beneficiary, it is possible to make testamentary gifts to one or more individuals with the assurance that if any predecease the testator, that bequest will come to Forbes Library.

"..... If any of the above named beneficiaries should predecease me, I then devise and bequeath to THE TRUSTEES OF FORBES LIBRARY, a charitable corporation established by law at Northampton in the Commonwealth of Massachusetts, all the property, real or personal, which said beneficiary or beneficiaries would have received had they survived me."


12/7/01 Used with permission of Smith College, Office of Development.