Types of Bequests

If you are considering making a gift (called a bequest) in your will to the Phi Beta Kappa Society, we are pleased to offer the following language for you and your estate planning counsel to consider.  If you or your estate planning counsel would like to speak with us, please let us know.  

Specific Bequest: A specific bequest may take different forms. It may be a gift of a specific dollar amount or a gift of specific asset such as cash, real estate, or stocks or it may be a specific percentage of your entire estate. 

Sample language for a gift of a specific dollar amount or specific asset from your entire estate:

• I give, devise, and bequeath (DOLLAR AMOUNT/DESCRIPTION OF PROPERTY) to The Phi Beta Kappa Society, a nonprofit organization located at 1606 New Hampshire Ave. NW, Washington, D.C. 20009, Federal Tax ID #53-0226282, for The Phi Beta Kappa Society’s general use and purposes without restriction.

Percentage Bequest: A type of specific bequest that involves leaving a specific percentage of your overall estate to charity.

Sample language for a gift of a specific percentage of your entire estate:           

• ​I give, devise, and bequeath (PERCENTAGE) of my entire estate to The Phi Beta Kappa Society, a nonprofit organization located at 1606 New Hampshire Ave. NW, Washington, D.C. 20009, Federal Tax ID #53-0226282, for The Phi Beta Kappa Society’s general use and purposes without restriction.

Residual Bequest: Residuary bequests are gifts that come from the remainder of your estate after the payment of burial and administrative expenses, creditor claims and other debts, all other gifts made in the will, including specific bequests, and the discharge of any other obligations of the estate.  Common residuary bequests may be a gift of a percentage of the remaining amount.

Sample Language:

• I give, devise, and bequeath to The Phi Beta Kappa Society, a nonprofit organization located at 1606 New Hampshire Ave. NW, Washington, D.C. 20009, Federal Tax ID #53-0226282, (ALL OR A PERCENTAGE) of the rest, residue and remainder of my estate to be used for The Phi Beta Kappa Society’s general use and purposes without restriction.

Benefits of a Bequests

There are many benefits to bequests:

• Bequests are flexible.  The language in your will can be changed at anytime to reflect your wishes.
• Bequests are free from federal estate and income taxes.  Your estate can deduct charitable bequests of cash, or property, including real estate, stock, IRA's, and other assets.
• Bequests can also expedite estate settling by providing clear instructions for executors.

Already have a will? 

Thank you for supporting the future of Phi Beta Kappa. If you have already included Phi Beta Kappa in your will, we would love to have the opportunity to thank you.