Gift by Will or Trust
Judith Parker Cole
I have decided to make a gift in my will to the University of New Haven. My gift will be added to the Virginia M. Parker Endowed Scholarship Fund, which is awarded to female undergraduates who are active in community service.
The scholarship is named for my mother, Virginia Parker, who was the Director of Special Studies for many years and helped found the University's chapter of the Chi Kappa Rho Sorority. Growing up, I was frequently at the University, then called New Haven College, and have been delighted to see it grow in size and reputation.
Judith Parker Cole
Making a gift in your will is called making a charitable bequest. A bequest is one of the easiest and most flexible ways to leave a gift that will have a lasting impact on the University of New Haven
Benefits of a bequest
- Receive an estate tax charitable deduction
- Reduce the burden of taxes on your family
- Leave a lasting legacy for the University
How a bequest works
A bequest is one of the easiest gifts to make. With the help of an attorney, you can include language in your will or trust specifying that gifts be made to family members, friends or the University of New Haven as part of your estate plan. Or you can designate the University to receive a gift from your retirement account or an insurance policy by using a beneficiary designation form.
Here are some of the ways to leave a bequest to University of New Haven
- Include a bequest to the University of New Haven in your will or revocable trust
- Designate the University of New Haven as a full, partial or contingent beneficiary of your retirement account (IRA, 401(k), 403(b) or pension)
- Name the University of New Haven as a beneficiary of your life insurance policy
A bequest may be made in several ways:
- Percentage bequest - make a gift of a percentage of your estate
- Specific bequest - make a gift of a specific dollar amount or a specific asset
- Residual bequest - make a gift from the balance or residue of your estate
If you have any questions about leaving a bequest to us, please contact us. We would be happy to assist you. If you have been so generous as to include a bequest to the University of New Haven as part of your estate plan, please take the time to let us know. We would like to recognize you and your family for your generosity.
The method used to make a bequest will depend on the kind of gift you choose to leave to the University of New Haven.
Bequests of real estate, personal property, business interests and cash are typically made by way of a will, revocable trust or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests, such as those involving retirement assets, insurance policies, bank accounts and stocks and bonds, are typically made by completing the appropriate beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank or investment broker and ask them to send you the appropriate "beneficiary designation" or "payable on death" form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who originally sent the form to you.
The last step in leaving any bequest involves the transfer to charity. When you pass away, the bequest property will be transferred to the University of New Haven. The full value of this gift will be transferred tax-free and your estate will receive an estate tax charitable deduction.