Bequest Language

pdficon_large.gif Printable Bequest Language

Bequests, or gifts from estates, have positively impacted The Pingry School and its students over the years. Many of the existing scholarships and transformational gifts that are central to the education of our students originated through the estates of our generous alumni and friends. In as little as one sentence, such as below, you can complete your gift. This type of donation to Pingry in your will or living trust helps ensure that we continue our mission for years to come.

“I give to The Pingry School, a nonprofit corporation currently located at 131 Martinsville Road, Basking Ridge, NJ 07920, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose.”

Understand the Ways to Give

You may make a bequest to Pingry for a specific dollar amount or a percentage of your estate. You have the option to designate your bequest for general use by the School or to restrict its use for a specific purpose (depending upon the size and scope of your gift). Many individuals establish endowments that honor the memory of a family member, loved one, or influential teacher. Endowments live in perpetuity because, often, only spendable income is paid out annually.

Specific bequests are used to make a gift of a specific dollar amount or asset (securities, real estate, or personal property). Residuary bequests are used to give all or a portion of the remainder of your estate after payment of expenses and any other amounts designated to beneficiaries.

Alumni and friends are encouraged to call Pingry’s Office of Institutional Advancement at (908) 647-5555, ext. 1284, before writing a will that includes any type of restriction on a bequest or other deferred gift.

Summarized below are several examples of suggested wording for bequests to benefit Pingry.

Estate Gift for Unrestricted Purposes

Percentage of Estate
“I hereby will, devise, and bequeath to The Pingry School, a nonprofit corporation currently located at 131 Martinsville Road, Basking Ridge, NJ 07920, or its successor thereto (“Pingry”), _______ percent (____________%) of the rest, residue, and remainder of my estate to be used for its unrestricted use and purpose.”

Specific Amount of Estate
“I hereby will, devise, and bequeath to The Pingry School, a nonprofit corporation currently located at 131 Martinsville Road, Basking Ridge, NJ 07920, or its successor thereto (“Pingry”), the sum of _______ dollars ($____________) to be used for its general purposes.”

Establishing an Endowed Scholarship Fund Through Your Estate
(The minimum level at The Pingry School is $100,000.)

Percentage of Estate
“I hereby will, devise, and bequeath to The Pingry School, a nonprofit corporation currently located at 131 Martinsville Road, Basking Ridge, NJ 07920, or its successor thereto (“Pingry”), _______ percent (____________%) of the rest, residue, and remainder of my estate to be designated to its endowment in order to establish the ___________________ Endowed Scholarship Fund. Income from this fund shall be used to provide financial aid for deserving students at Pingry. This fund shall be administered by Pingry's Financial Aid Committee or another committee of the professional staff at Pingry.

In the event the estate proceeds received by Pingry are insufficient to fully endow the ___________________ Endowed Scholarship Fund, then said proceeds shall be expended according to the scholarship criteria, if any, as set forth herein until such time as proceeds are exhausted.

If circumstances should at any time in the future make it impractical to continue administering the ________________ Endowed Scholarship Fund for the purposes designated, then Pingry may redesignate the purpose—provided that the terms adhere as closely as possible to my original intent.”

Specific Amount of Estate
“I hereby will, devise, and bequeath to The Pingry School, a nonprofit corporation currently located at 131 Martinsville Road, Basking Ridge, NJ 07920, or its successor thereto (“Pingry”), the sum of _____________ dollars ($___________) to be designated to its endowment in order to establish the _________________________ Endowed Scholarship Fund. Income from this fund shall be used to provide financial aid for deserving students at Pingry. This fund shall be administered by Pingry's Financial Aid Committee or another committee of the professional staff at Pingry.

In the event the estate proceeds received by Pingry are insufficient to fully endow the _____________________ Endowed Scholarship Fund, then said proceeds shall be expended according to the scholarship criteria, if any, as set forth herein until such time as proceeds are exhausted.

If circumstances should at some time make it impractical to continue administering the ________________ Endowed Scholarship Fund for the purposes designated, then Pingry may redesignate the purpose—provided that the terms adhere as closely as possible to my original intent.”

Estate Gift to Contribute to an Existing Endowed Scholarship Fund

“I hereby will, devise, and bequeath to The Pingry School, a nonprofit corporation currently located at 131 Martinsville Road, Basking Ridge, NJ 07920, or its successor thereto (“Pingry”), ___________ percent (____________%) of the rest, residue, and remainder of my estate to be added to the ___________________ Endowed Scholarship Fund (established by a Memorandum of Understanding dated _______________), with financial aid to be awarded to deserving students pursuant to the provisions of said memorandum and amendments thereto, if any.”

The Pingry School’s Thank You
If you have already made a provision in your estate plan for The Pingry School, please let us know so that we can welcome you as a member of the C.B. Newton Society. If you are thinking about a bequest or other planned gift, we would appreciate the opportunity to speak with you and answer any of your questions as well as warmly thank you in person.

We look forward to hearing from you and invite you to contact:

Holland Sunyak
Director of Development
908-647-5555, ext. 1284
plannedgiving@pingry.org

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