How to Complete Your Gift

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1. Choose what to give.

Pick from one of these four options.
  • A specific bequest gives us a particular piece of property. If you disposed of the property before your death, we won't receive your intended gift because we cannot claim any other property.
  • A general bequest gives us a stated sum of money. If there is insufficient cash in your estate to cover the bequest, other assets will be sold for cash to honor your wishes for us.
  • A residuary bequest gives the "rest, residue and remainder" of your estate, or, more commonly, a percentage of the residue after all other bequests, debts and taxes have been paid.
  • A contingent bequest requires a certain event to occur before the gift can happen. For example, you could bequeath funds to a family member provided that person survives you; if not, the funds would then go to Gustavus Adolphus College.

Did You Know?
Question MarkYou can make your bequest in honor or in memory of someone special. Please contact Jackie Peterson at 507-933-7543 or jpeters9@gustavus.edu to learn more.

2. Decide how you would like Gustavus Adolphus College to use your gift.

Choose from one of the following options.
  • An unrestricted bequest allows us to use the assets in the most beneficial way.
  • A restricted bequest allows you to specify how we are to use the funds. Contact us in advance to be certain your intent can be fulfilled.
  • An endowment bequest allows you to designate the purpose of your gift. Your gift is invested with and becomes part of our endowment and a distribution is made each year. Because the principal remains intact, the fund will support our mission in perpetuity.

3. Meet with your estate planning attorney.

Whether you need to create a will or trust, or simply update an old document, you'll want to seek the help of an estate planning attorney.
eBrochures
Download a free guide about how to prepare for this meeting with your attorney.

The official legal bequest language for Gustavus Adolphus College is: "I, [name], of [city, state, ZIP] give, devise and bequeath to Gustavus Adolphus College [written amount or percentage of the estate or description of property] for its unrestricted use and purpose [or specify purpose]."

4. Let us know of your plans.

Please contact Jackie Peterson at 507-933-7543 or jpeters9@gustavus.edu to let us know when you have made plans for such a gift. We would love the opportunity to thank you for your generous act. We are happy to honor your wishes regarding anonymity.


Your Next Steps
Getting Started | Is This Gift Right for You? | Case Study | How to Complete Your Gift | Action Items