Gifts by Will

A bequest may be in the form of cash, securities, real estate, or other property. A bequest may provide for a specific dollar gift, a percentage of your estate, or specific asset(s) to be given to the Southern California College of Optometry in support of its various programs and endeavors after your lifetime.

A bequest may also be in the form of a gift of the remaining assets of one's estate, after providing for heirs. Bequests, like other gifts, can be designated for many purposes or given without restriction.

A bequest removes assets from your estate and reduces the assets’ exposure to federal taxes. Bequests and other expectancies, may be revoked by you if financial or other personal circumstances change.

SPECIFIC BEQUESTS are used to make gifts of a specific dollar amount or specific assets, such as securities, real estate, or personal property. The College will receive the specific asset only if you still own it at the time of your death.

RESIDUARY BEQUESTS are used to give all or a portion of the rest, residue, and remainder of your estate after payment of expenses and any specific amounts designated to other beneficiaries.

CONTINGENT BEQUESTS will result in gifts to the College only in the event of the death of other beneficiaries or the fulfillment of certain conditions described in your estate plan.

Suggested language would be as follows:

"I give, devise, and bequeath to the Southern California College of Optometry
  1. all of my residuary estate or
  2. a portion of my residuary estate equal to ___% thereof or
  3. the following described property at ________, or
  4. the sum of $________ ."

Designating the Purpose of a Bequest

UNRESTRICTED: The most useful form of bequest is unrestricted, allowing the funds to be allocated by the Southern California College of Optometry to wherever the need is greatest.

Example wording: I give, devise, and bequeath to the Southern California College of Optometry (the sum of $) (percent of my estate) (the following property) (the rest, residue, and remainder of my estate). The property comprising this gift may be used to further the charitable purposes of the Southern California College of Optometry at the discretion of its Board of Trustees.

RESTRICTED: You may designate your bequest to support a purpose or special program that reflects your personal or professional interest. It is also important that wording be added to ensure, in the remote possibility that a specified purpose may cease to need funds in the future, that an alternative use for the bequest may be determined. Designation of the use of the funds bequeathed (or real property devised) can, or should, be as detailed as is felt necessary to adequately describe the desired use and purpose of the bequest.

Example wording: "I give, devise, and bequeath to the Southern California College of Optometry (the sum of $) (percent of my estate) (the following property) (the rest, residue, and remainder of my estate). The property comprising this gift shall be used for (state purpose) for so long as the Board of Trustees of the Southern California College of Optometry determines that the need exists. Should the need no longer exist, the said Board of Trustees may, in its sole discretion, direct the use of my bequest for a purpose related as closely as possible to that stated above.

Bequesting a Retirement Instrument

An example of a very specific asset is a retirement instrument, such as an IRA, Roth IRA, 401K or 403B.  The College could be stipulated as one of the beneficiaries on the Beneficiary Form that your investment firm or broker provides.  The following information will fulfill the requirements of most forms:

Tax ID: 95-1644593
Name: Southern California College of Optometry / Attn: Advancement
Address: 2575 Yorba Linda Blvd., Fullerton, CA  92831
Relationship: Graduate alma mater
Telephone: 714.449.7464
Date of Birth: 03/01/1904
Country of Legal Residence: USA

If no specific program is requested, the gift will automatically be designated as unrestricted.

Next Steps

If your estate plan is in order and you have chosen to list the Southern California College of Optometry as a partial or full beneficiary and wish your intentions to be known, click here to access the Estate Intention Form.

If you wish to discuss bequest options or wording, please fill out the Request for More Information or contact Bill Heaton, Vice President of Advancement at wheaton@scco.edu or at 714.449.7464.