University of Virginia Library

1. Unrestricted Bequests

An unrestricted bequest is of special value because of the freedom to use it wherever and however needed. An unrestricted bequest intended for the general purposes of the University, one which the Rector and Visitors are free to use either to establish an endowment fund or to expend in whole or in part as they deem best, might read simply:
"I hereby (give, devise and bequeath) to The Rector and Visitors of the University of Virginia, a Virginia public corporation, located at Charlottesville (the sum of $. . . .) (all the rest, residue and remainder of my estate) (. . . . percent of my residuary estate) for the general purposes of the University as The Rector and Visitors may determine."

If the testator wishes to assure that the principal will be used to establish an endowment fund and remain as such permanently with the earnings only to be expended, the will might read as follows:

"I hereby (give, devise and bequeath) to The Rector and Visitors of the University of Virginia, a Virginia public corporation, located at Charlottesville (the sum of $. . . .) (all the rest, residue and remainder of my estate) (. . . . percent of my residuary estate) to establish the . . . . Fund, the earnings only to be used for the general purposes of the University as The Rector and Visitors may determine."