Bequest - How To

A will serves as a set of directives regarding how to distribute your assets upon your death. But more importantly, a will gives you power, power to ensure that the fruits of your labor positively affect the people — and causes — you cherish.

Remembering Scripps Research in your will allows you to create a legacy that lives on long after you are gone...and directly helps fund life-saving medical breakthroughs. It is also an excellent choice if you want to support The Scripps Research Institute in the future, but wish to maintain liquidity and use of your assets during your lifetime.

The three most common bequests are:

• specific bequests where you name a particular item such as a piece of real estate or a block of securities that you wish to give.
• general bequests where you name the dollar amount you want to give.
• residuary bequests where you give the Institute a percentage of your estate after all specific and general bequests have been met.

A bequest can also be unrestricted, enabling Scripps Research to direct your funds where future need is greatest, or restricted for a particular program or purpose at the institute.

The following language may be helpful:

Example of unrestricted bequest language:
I give (insert dollar amount, property to be given, percentage of the estate, or "the remainder of my estate") to The Scripps Research Institute, a nonprofit corporation, tax identification number 33-0435954, headquartered at 10550 North Torrey Pines Road, La Jolla, California, 92037, for its general use and purposes.

Example of restricted bequest language:
I give (insert dollar amount, property to be given, percentage of the estate, or "the remainder of my estate") to The Scripps Research Institute, a nonprofit corporation, tax identification number 33-0435954, headquartered at 10550 North Torrey Pines Road, La Jolla, California, 92037, to support (insert designation or purpose) at The Scripps Research Institute.

You may wish to direct your bequest gift to an endowed fund which will last in perpetuity. If your gift is $50,000 or greater, you have the option to establish your own endowed fund which can hold your name or the name of a loved one. If your gift is less than $50,000, you can supplement an existing endowed fund. In endowed funds, the principal is held in perpetuity, with part of the annual earnings generating ongoing support for programs designated by the donor.

For more information about bequests, please contact Geoff Graham, Director, Planned Giving and Estates, at (858) 784-9365 or gcgraham@scripps.edu.