You have happy memories of your college or graduate school days, and you are proud of the on-going research and academic excellence at your alma mater. You want to support your school. Whether or not you have the money to make a gift now, you want to leave part of your estate to the general fund or a specific department of your alma mater, so that you can help future generations.
How to Do It
There are several different ways to leave money to a charitable organization such as a college or university. Specifically, you can:
- Leave a specific monetary bequest in your will. For example, you can leave a certain dollar amount to your school.
- Leave a specific property bequest in your will. You also have the option of leaving a certain piece of property, such as a valuable piece of art or an important book, to your school.
- Leave a percent of your residuary estate in your will. You may leave a certain percentage of what is left of your estate after all specific bequests have been made.
- Create a charitable remainder trust that names your school as the beneficiary. Thus, when you die, the school becomes the trust beneficiary.
- Name the school as the beneficiary of your retirement account. This will pass outside of probate and could leave significant funds to your college or university.
Other estate planning options may also exist that meet your needs and help you leave money to your school.
Now is the Time to Take the First Step
Before you make any decision, it is important to consider your estate as a whole to be sure leaving money to your alma mater fits in with your estate planning goals. For more information, please read our FREE pamphlet, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust.