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How to Complete Your Gift

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1. Choose what to give.
Pick from one of these four options.
  • A specific bequest gives us a particular piece of property. If you disposed of the property before your death, we won't receive your intended gift because we cannot claim any other property.
  • A general bequest gives us a stated sum of money. If there is insufficient cash in your estate to cover the bequest, other assets will be sold for cash to honor your wishes for us.
  • A residuary bequest gives the "rest, residue and remainder" of your estate, or, more commonly, a percentage of the residue after all other bequests, debts and taxes have been paid.
  • A contingent bequest requires a certain event to occur before the gift can happen. For example, you could bequeath funds to a family member provided that person survives you; if not, the funds would then go to Illinois College of Optometry.

Did You Know?
Question MarkYou can make your bequest in honor or in memory of someone special. Please contact Mark Colip, OD at 312-949-7410 or mcolip@ico.edu to learn more.

2. Decide how you would like Illinois College of Optometry to use your gift.
Choose from one of the following options.
  • An unrestricted bequest allows us to use the assets in the most beneficial way.
  • A restricted bequest allows you to specify how we are to use the funds. Contact us in advance to be certain your intent can be fulfilled.
  • An endowment bequest allows you to designate the purpose of your gift. Your gift is invested with and becomes part of our endowment and a distribution is made each year. Because the principal remains intact, the fund will support our mission in perpetuity.

3. Meet with your estate planning attorney.
Whether you need to create a will or trust, or simply update an old document, you'll want to seek the help of an estate planning attorney.
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Download a free guide about how to prepare for this meeting with your attorney.

Share the sample bequest language for Illinois College of Optometry with your estate planning attorney:

"I, [name], of [city, state ZIP], give, devise and bequeath the to the Illinois College of Optometry:

For a Specific Bequest:
"I leave the sum of $_________ to the Illinois College of Optometry for its unrestricted use and purpose."

For a Residuary Bequest:
"I leave ___ percent of all the rest, residue and remainder of my estate to the Illinois College of Optometry."

For a Contingent Bequest:
"I give $__________ to my (relationship), (individual name), if he (or she) is living, otherwise to the Illinois College of Optometry."


4. Let us know of your plans.
Please contact Mark Colip, OD at 312-949-7410 or mcolip@ico.edu to let us know when you have made plans for such a gift. We would love the opportunity to thank you for your generous act. We are happy to honor your wishes regarding anonymity.


Your Next Steps
Getting Started | Is This Gift Right for You? | Case Study | How to Complete Your Gift | Action Items




Copyright © The Stelter Company, All rights reserved.

The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.


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Have a Question? Contact Us

Mark Colip, OD
Vice President for Student,
  Alumni and College Development

312-949-7410
mcolip@ico.edu
Patricia de Maat
Senior Director of
  College Development

312-949-7071
pdemaat@ico.edu