Donors

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 a loved one. These endowments live forever because only the portion of the fund available for spending each year is paid out annually.

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 New York Tech in your will

The following includes several examples of suggested bequest wording to benefit New York Tech. Each individual situation is unique; therefore, these examples include only some of the possible gift opportunities. We encourage you to discuss your intentions with us at New York Tech to ensure that your wishes will be properly followed and recognized. Because a will is an important legal document, you should seek an attorney's help. To assist you with this important process, we offer suggested wording below.

Percentage of estate for unrestricted purposes

"I give to New York Institute of Technology, a nonprofit organization located in Old Westbury, New York, _____ percent (%) of the remainder of my estate for its general charitable purposes.”

Percentage of estate to establish an endowed fund

"I give to New York Institute of Technology, a nonprofit organization located in Old Westbury, New York, _____ 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 New York Institute of Technology 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 New York Institute of Technology, a nonprofit organization located in Old Westbury, New York, 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 New York Institute of Technology, a nonprofit organization located in Old Westbury, New York, the sum of $_______ in cash or in-kind (or ________ shares of ________ stock) to be used for __________________________________________ at New York Institute of Technology. If changed circumstances should at some future time make it impractical to continue administering the Fund for the purpose designated, then New York Institute of Technology 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 (programs, laws, etc.) may necessitate a use that cannot be anticipated at the time of the gift.

Restricted: You may designate your bequest to support a special program or purpose that reflects your interests (specific departments, endowment, or scholarships). 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 New York Institute of Technology Board of Directors may redesignate the purpose—provided the terms adhere as closely as possible to my original intent."

Please contact us to discuss your intentions and to share the news of your future gift. Thank you!