Learn About Wills and Bequests
There are a number of ways you can make a bequest to Michigan Tech.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property, or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to Michigan Tech.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Michigan Tech.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to Michigan Tech.
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We recommend that your attorney include the following provision to give Michigan Tech flexibility should it no longer be possible to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Michigan Technological University, it shall become impossible to use this bequest to accomplish the specific purposes of this bequest, Michigan Technological University may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Please contact us if you have any questions about how to make a bequest to Michigan Tech or to request any additional information that might be helpful to you and your attorney as you consider making a bequest.
If you have included a bequest for Michigan in your estate plan, please let us know. We would like to thank you and recognize you for your gift!