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Give to the University Through a Will or Living Trust
Giving to the University through your will or living trust is often referred to as a "bequest". You can give the University cash, securities, real estate, personal property, or a percentage of your estate and designate the school or program you want to benefit.
Is supporting the University through a bequest a new practice?
James Madison's bequest in 1836 of $1,500 established the first endowment at the University Library. Today, this gift still provides funds annually to purchase books. In addition, Madison gave his personal library to the University.
Bequest Basics
Your bequest to the University is...
- Tax Wise - A charitable gift through your estate may reduce estate taxes.
- Revocable - You may make changes to the beneficiaries of your estate throughout your lifetime.
- Flexible - Your bequest can be directed to any U.Va. school or program.
- Comfortable - A bequest allows you to retain your assets throughout your lifetime.
If you are writing your will or living trust, you will need to include specific language outlining your support for the University. If you already have a will or living trust you can add a codicil or amendment to your existing estate plan.
Below is language you might include in your will. If you have a living trust, you would simply modify the language to direct your trustee to make the desired distributions.
Let us thank you. Notify the University of your estate plan and join the Cornerstone Society.
The University of Virginia does not provide legal, tax or financial advice. We strongly recommend that you consult professional advisors on all legal, tax or financial matters, including gift planning considerations. To ensure compliance with certain IRS requirements, we disclose to you that this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding tax-related penalties.
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