To bequeath money or property to New York Medical College, you and your lawyer may find the following language helpful.
For an unrestricted bequest for general operating purposes:
"I hereby give, devise, and bequeath to New York Medical College in Valhalla, NY, for its general operating purposes {...dollars} {...percent} {all the rest, residue, and remainder of my estate}."
A bequest for endowment:
"I hereby give, devise, and bequeath to New York Medical College in Valhalla, NY, {money or property to be bequeathed} for the general endowment fund."
A bequest for a new endowment:
"I hereby give, devise, and bequeath to New York Medical College in Valhalla, NY, {money or property to be bequeathed} for the endowment fund to be known as the {...Fund}, the income from which shall be for the unrestricted use {or alternately for the support of specific program or area of study} of New York Medical College. At the discretion of the board of trustees, if the then current minimum endowment level is not achieved, the bequest will be used in the general endowment."
A bequest for a specific use:
"I hereby give, devise, and bequeath to New York Medical College in Valhalla, NY, {money or property to be bequeathed} for the support of specific program or area.
If a specific use is stated, the addition of the following language will make certain that the bequest always remains productive.
"If, in the judgment of the Trustees of New York Medical College, changed circumstances should at some future time render the designated use of this fund no longer appropriate, then the Trustees shall direct use of the fund to further the objects and purposes of New York Medical College, giving consideration to my special interest as evidenced by the purpose described above."
The above language can be modified in any manner your attorney sees fit. The Director of Planned Giving will be pleased to consult in confidence with you and your legal adviser about the phrasing of any specific bequest you may have in mind. We will work with you and/or your advisors to ensure that after your lifetime your gift benefits an area of the College that is important to you.
If you have included New York Medical College in your will, please let us know.
If you would feel comfortable doing so, we would appreciate having a copy of that portion of your will that pertains to New York Medical College.
For more information, please contact the Office of Development & Alumni Relations at development@nymc.edu or call (914) 594-4550.
Note: This page is intended to provide you with general information, not legal or tax advice about specific situations or problems. We encourage you to consult a lawyer or accountant on all legal or tax matters