Bequests

A bequest to COA is the most simple of planned gifts. A bequest in your Will lets you pass any specified amount to College of the Atlantic — free of estate tax. You can give cash in a dollar amount, a percentage of your estate, or tangible personal property, all with or without restrictions.

For example, if you make annual gifts to COA and would like to continue your support after your lifetime, you can set up an endowment through your Will. This ensures your gift continues to help support students, faculty, and the College for generations.

If you’re planning to make COA one of your beneficiaries through a bequest we encourage you to tell us. We will ensure your gift can be used as intended, so that you receive the greatest possible satisfaction from your gift.

Bequests

Bequests can designate a specific dollar amount, a particular asset, or a fixed percentage of your estate to COA.

I give, devise, and bequeath to College of the Atlantic in Bar Harbor, Maine the sum of $                       (or a description of the specific asset), for the benefit of College of the Atlantic and its general purposes.

Specific Bequests

Specific Bequests are made when property is bequeathed for a designated purpose — instruments bequeathed for use in music education, for instance.

I give, devise, and bequeath to College of the Atlantic in Bar Harbor, Maine, the sum of $                       (or a description of a specific asset), to be used for the following purpose: (state the purpose). If at any time in the judgment of the trustees of College of the Atlantic it is impossible or impractical to carry out exactly the designated purpose, they shall determine an alternative purpose closest to the designated purpose.

Residuary Bequests

Residuary Bequests are made when you leave all or part of the residue of your assets after other terms of the Will have been satisfied.

All the rest, residue, and remainder of my estate, both real and personal, I give to College of the Atlantic, in Bar Harbor, Maine for its general purposes.

 

 

Benefits

  1. A potential minimization or elimination of estate taxes, with proper planning.
  2. Allows you leave a legacy without giving up assets now.
  3. Allows you to distribute your assets according to your wishes.