A residual bequest designates that the remainder or balance of your estate goes to IPTF after your will or trust has made gifts of money or property to your loved ones.  The following sample language illustrates how a residual bequest to IPTF might be phrased in your will or trust:

I give, devise, and bequeath all the rest, residue, and remainder of my property, real, personal, or mixed; after all personal bequests have been made, to IPTF, an Illinois non-profit corporation located in Naperville, Illinois.

A contingent bequest is useful when you want to make a gift to IPTF but you feel your heirs will need all the resources of your estate.  A contingent bequest takes effect only in the event none of your heirs survive you.  Though planning for this type of contingency may seem unnecessary, it is an important part of good stewardship.  The following sample language illustrates how a contingent bequest to IPTF might be phrased in your will or trust:

In the event my wife (or husband) and all of my children should die prior to the distribution of my estate without leaving descendants surviving such event, then, and in that event, the undistributed corpus of my estate shall be distributed to the Illinois Physical Therapy Foundation, Inc., a non-profit corporation registered in Illinois and located in Naperville, Illinois.

A bequest following income provides a regular income stream from a trust to one or more loved ones for a specified term of years.  After the term has been fulfilled, a percentage or the entire remaining amount can go to IPTF.  This is often used in conjunction with a children’s trust in a will.  The trust can designate that the assets be held in trust until the youngest living child reaches a certain age and then be divided among the children and charity.  The following sample language illustrates how a bequest following income to IPTF might be phrased in your will or trust:

The Trustee shall hold the corpus of my Trust until my youngest living child reaches the age of twenty-two (22), at which time my Trustee shall then distribute fifty percent (50%) of my estate to my children in equal shares and fifty percent (50%) to the Illinois Physical Therapy Foundation, a non-profit corporation registered in Illinois and located in Naperville, Illinois.

A “Give it Twice” bequest is another variation of the Bequest Following Income.  With this arrangement, the assets are held in Trust for the children for a period of ten years after the death of the legal spouse or partner to the person preparing the will.  During this time, the Trustee distributes 10% of the value of the trust each year to the children as beneficiaries or 100% of the initial value of the Trust over the term.  If the Trust earns close to 10% each year the children will receive the full value of the estate spread out over a ten-year period and then IPTF will receive the remaining value after the ten-year period expires.  IPTF could even serve as Trustee of the Trust if you prefer.  This helps insure that the children do not spend the inheritance too quickly and that IPTF receives a significant gift from the estate.  The following sample language illustrates how a Give It Twice Bequest to IPTF might be phrased in your will or trust:

The Trustee shall hold the corpus of my estate in Trust for a period of ten years following my death.  During that time the Trustee shall pay out 10% of the initial value of the Trust each year to my children in equal shares.  At the end of the ten year term, the Trustee shall distribute the balance of the Trust estate to the Illinois Physical Therapy Foundation, a non-profit corporation registered in Illinois and located in Naperville, Illinois.

Individuals should always refer to their personal attorney or qualified estate planning professional for guidance on how best to ensure physical therapy flourishes in the future through an estate gift or bequest to the Illinois Physical Therapy Foundation.