Suggested Wording for Wills and Trusts

A.   Wills

(1) Unrestricted Bequest — “I give, devise, and bequeath to The University of Arkansas Foundation, Inc., the sum of $__________ dollars (or the following described property) for the benefit of the University of Arkansas at Little Rock.”

OR

“I give, devise, and bequeath to The University of Arkansas Foundation, Inc., __________ shares of XYZ Corporation common stock, for the benefit of the University of Arkansas at Little Rock.”

(2) Designated Bequest — “I give, devise, and bequeath to The University of Arkansas Foundation, Inc., the sum of __________ dollars (or the following described property or assets) for the benefit of the (college, school, department, division, project or program) at the University of Arkansas at Little Rock.”

(3) Bequest Restricted as to Purposes — “I give, devise, and bequeath to The University of Arkansas Foundation, Inc., the sum of $__________ dollars (or the following described property or assets) for the benefit of the University of Arkansas at Little Rock, to be used for the following purposes: ____________________ (set forth purpose or purposes).”

OR

“to be used in accordance with a memorandum of understanding dated __________, 200__, on file with The University of Arkansas Foundation, Inc.” (Memorandum of understanding should be in existence at time will is signed.)

(4) Bequest to Establish an Endowed Fund — “I give, devise, and bequeath to The University of Arkansas Foundation, Inc., the sum of $__________ dollars (or the following described property or assets) to be used to establish The John Doe Endowed (professorship, scholarship, fellowship, chair, etc.) Fund for the benefit of the College (or School) of __________ at the University of Arkansas at Little Rock, with the income only to be used for said purpose.”

OR

“with the income only to be used in accordance with a memorandum of understanding dated __________, 200__, on file with The University of Arkansas Foundation, Inc.” (Memorandum of understanding should be in existence at time will is signed.)

(5) Bequest to Add to an Existing Endowed Fund — “I give, devise, and bequeath to The University of Arkansas Foundation, Inc., the sum of $__________ dollars (or the following described property or assets) to be added to The John Doe Endowed (professorship, scholarship, fellowship, chair, etc.) Fund for the benefit of the College (or School) of __________ at the University of Arkansas at Little Rock, with the income only to be used therefor.”

(6) Residual Bequest — Unrestricted — “I give, devise, and bequeath all of the rest of my estate (or _____ percent of the rest of my estate) to The University of Arkansas Foundation, Inc., for the benefit of the University of Arkansas at Little Rock.”

OR

Residual Bequest — Designated — “I give, devise, and bequeath all of the rest of my estate (or _____ percent of the rest of my estate) for the benefit of the (college, school, department, division, project or program) at the University of Arkansas at Little Rock.”

OR

Residual Bequest — Restricted — “I give, devise, and bequeath all of the rest of my estate (or _____ percent of the rest of my estate) for the benefit of the University of Arkansas at Little Rock, to be used for the following purposes: ____________________ (set forth purpose or purposes).”

(7) Contingent Provision — “If any of the above beneficiaries should predecease me, then I give the property, real or personal, that each such beneficiary would have received had he (or she) survived me, to The University of Arkansas Foundation, Inc., for the benefit of the University of Arkansas at Little Rock.”

 

B.   Trusts

(1) Unrestricted Provision — “Trustee shall distribute to The University of Arkansas Foundation, Inc., the sum of $__________ dollars (or the following described property) for the benefit of the University of Arkansas at Little Rock.”

OR

“Trustee shall distribute to The University of Arkansas Foundation, Inc., __________ shares of XYZ Corporation common stock, for the benefit of the University of Arkansas at Little Rock.”

(2) Designated Provision — “Trustee shall distribute to The University of Arkansas Foundation, Inc., the sum of $__________ dollars (or the following described property or assets) for the benefit of the (college, school, department, division, project or program) at the University of Arkansas at Little Rock.”

(3) Provision Restricted as to Purposes — “Trustee shall distribute to The University of Arkansas Foundation, Inc., the sum of $__________ dollars (or the following described property or assets) for the benefit of the University of Arkansas at Little Rock, to be used for the following purposes:____________________ (set forth purpose or purposes).”

OR

“to be used in accordance with a memorandum of understanding dated __________, 200__, on file with The University of Arkansas Foundation, Inc.”

(4) Provision to Establish an Endowed Fund — “Trustee shall distribute to The University of Arkansas Foundation, Inc., the sum of $__________ dollars (or the following described property or assets) to be used to establish The John Doe Endowed (professorship, scholarship, fellowship, chair, etc.) Fund for the benefit of the College (or School) of ____________________ at the University of Arkansas at Little Rock, with the income only to be used therefor.”

OR

“with the income only to be used in accordance with a memorandum of understanding dated __________, 200__, on file with The University of Arkansas Foundation, Inc.”

(5) Provision to Add to an Existing Endowed Fund — “Trustee shall distribute to The University of Arkansas Foundation, Inc., the sum of $__________ dollars (or the following described property or assets) to be added to The John Doe Endowed (professorship, scholarship, fellowship, chair, etc.) Fund for the benefit of the College (or School) of ____________________ at the University of Arkansas at Little Rock, with the income only to be used therefor.”

(6) Residual Provision — Unrestricted — “Trustee shall distribute the remainder of the trust estate (or __________ percent of the remainder of the trust estate) to The University of Arkansas Foundation, Inc., for the benefit of the University of Arkansas at Little Rock.”

OR

Residual Provision — Designated — “Trustee shall distribute the remainder of the trust estate (or __________ percent of the remainder of the trust estate) for the benefit of the (college, school, department, division, project or program) at the University of Arkansas at Little Rock.”

OR

Residual Provision — Restricted — “Trustee shall distribute the remainder of the trust estate (or __________ percent of the remainder of the trust estate) for the benefit of the University of Arkansas at Little Rock, to be used for the following purposes: ____________________ (set forth purpose or purposes).”

(7) Contingent Provision — “If any of the above beneficiaries should predecease the settlor, then trustee shall distribute the property, real or personal, that each such beneficiary would have received had he (or she) survived settlor, to The University of Arkansas Foundation, Inc., for the benefit of the University of Arkansas at Little Rock.”

 

C.   Changed Conditions

If the will bequest or trust provision is for a limited or restricted purpose, it is suggested that the following clause be inserted:

“If, in the opinion of the President and the Board of Trustees of the University of Arkansas or the Board of Directors of The University of Arkansas Foundation, Inc., all or part of these funds cannot be used as originally intended, they may be used for other appropriate purposes that are compatible with my original intent and in the best interest of the University of Arkansas at Little Rock.

These are only suggested forms, and variations may be advisable. Under any circumstances, these forms should be used only with the advice of an attorney.

University of Arkansas Foundation, Inc.
535 Research Center Blvd., Ste. 120
Fayetteville, AR 72701
TIN: 71-6056774