Gifts through Bequests
Bequests are often the simplest and most realistic way to leave a legacy to support a worthwhile cause. Memorial University has benefited greatly from individuals, many of average means, who have left meaningful legacies to support scholarships, research and building projects, or who have bequeathed historical, scientific or cultural collections for the benefit of future students and educators.
A charitable bequest is a direction made by a donor(s) to give cash or other property to a charity through a legally valid will. The most common types of bequests are:
Specific Bequest – By which Memorial University would receive a gift of a specified amount of money or a specified item, or a stated fraction of the estate. Specified items can include real estate, stocks, bonds, jewelry, books, and works of art or other items. Unless the property is designated for a Memorial University collection, it will be sold and the proceeds, less any appraisal and selling costs, applied as per the terms of the bequest. If the donor has a collection of books, letters, artwork, etc. that is to be bequeathed and kept by the University, it is advisable to contact the University in advance so that necessary preparations can be made to accept the collection.
Residual Bequest – By which Memorial University would receive all or a percentage of the remainder of a donor’s estate after other specific bequests and expenses have been paid out of the estate. (Example: I give to Memorial University of Newfoundland fifty percent (50%) of the rest, residue and remainder of my estate, to be used for the purpose of...)
Contingent Bequest – By which Memorial University would receive all or a share of the estate only in the event of the prior death of other named beneficiaries.