Bequests

• General - specific sum of specific portion or percentage of a gross taxable estate.
• Designated - to be used for a particular program or project (e.g., faculty or scholarship endowment, JKM Library Trust, Global Scholarship, Center, etc.)
• Residuary - means for providing for the distribution of the residue of an estate after all other bequests have been made.
• Contingent - means of distributing a part of an estate if beneficiaries do not survive the testator.

The following text may be used:

“I give and bequeath unto McCormick Theological Seminary, 5460 South University Avenue, Chicago, Illinois, 60615, the sum of ___ dollars (or real estate, securities, etc. described herein) for its general purposes.”

A designated bequest would specify the purpose for which the bequest was to be used, (e.g., 'to establish a named memorial or scholarship fund) or for a specific program or project decided upon in advance in consultation with aqualified representative of the Seminary.