Skip to Content

Bequest Language

Outright Bequest, Restricted as to Purpose:
"I give, devise, and bequeath (insert dollar amount or percent of estate) to The University of Southern Mississippi Foundation, a not-for-profit corporation organized and existing under the laws of the State of Mississippi or its successor organization. The amount of this bequest will be used to create the (Name of Endowment) Fund and shall be held in perpetuity with the spendable income therefrom to be utilized for [description of restricted purpose - ex. scholarships; faculty support, etc; to benefit a specific University school, college, or department]. If the amount realized from the bequest does not meet the minimum level required to establish an endowment, the amount of this bequest will be placed in a fund to be utilized for a similar purpose as identified by the Executive Committee of the Foundation's Board of Directors."

Outright Bequest, Unrestricted as to Purpose:
"I give, devise, and bequeath (insert dollar amount or percent of estate) to The University of Southern Mississippi Foundation, a not-for-profit corporation organized and existing under the laws of the State of Mississippi or its successor organization. The amount of this bequest will be used at the discretion of the Executive Committee of the Foundation's Board of Directors."

Codicil to Last Will and Testament, Restricted as to Purpose:
"I hereby amend my last will and Testament, executed on the ____ day of _______________, in the year _______. I direct that all provisions of the Will remain in effect, but in addition I give, devise, and bequeath (insert dollar amount or percent of estate) to The University of Southern Mississippi Foundation, a not-for-profit corporation organized and existing under the laws of the State of Mississippi or its successor organization. The amount of this bequest will be used to create the (Name of Endowment) Fund and shall be held in perpetuity with the spendable income therefrom to be utilized for [description of restricted purpose - ex. scholarships; faculty support, etc; to benefit a specific University school, college, or department]. If the amount realized from the bequest does not meet the minimum level required to establish an endowment, the amount of this bequest will be placed in a fund to be utilized for a similar purpose as identified by the Executive Committee of the Foundation's Board of Directors."

Codicil to Last Will and Testament, Unrestricted as to Purpose:
"I hereby amend my last will and Testament, executed on the ____ day of _______________, in the year _______. I direct that all provisions of the Will remain in effect, but in addition I give, devise, and bequeath (insert dollar amount or percent of estate) to The University of Southern Mississippi Foundation, a not-for-profit corporation organized and existing under the laws of the State of Mississippi or its successor organization. The amount of this bequest will be used at the discretion of the Executive Committee of the Foundation's Board of Directors."

Note: By furnishing these paragraphs, The University of Southern Mississippi Foundation does not intend to give legal advice. We strongly encourage those interested in drafting a will to seek competent legal counsel experienced in will draftsmanship.

eBrochure Request Form

Please provide the following information to view the brochure.

A charitable bequest is one or two sentences in your will or living trust that leave to The University of Southern Mississippi Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to The University of Southern Mississippi Foundation, a nonprofit corporation currently located at Hattiesburg, MS, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the USM Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the USM Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the USM Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the USM Foundation where you agree to make a gift to the USM Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.