A charitable bequest is one of the easiest and most flexible ways that you can leave a gift to Hillsdale College that will make a lasting impact.
Benefits of a bequest
- Completely revocable until you pass away - you can change your mind at any time
- No upfront commitment of assets required
- Estate tax deduction if you do pass away without revoking this gift to Hillsdale College
- Ability to establish your personal legacy to freedom for future generations
How a bequest works
With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends or Hillsdale College as part of your estate plan, or you can make a bequest using a beneficiary designation form.
Here are some of the ways to leave a bequest to Hillsdale College
- Include a bequest to Hillsdale College in your will or revocable trust
- Designate Hillsdale College as a full, partial or contingent beneficiary of your retirement account (IRA, 401(k), 403(b) or pension)
- Name Hillsdale College 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. In addition to establishing your lasting legacy to freedom at Hillsdale College, a gift by bequest allows to continue to use the asset during your lifetime. You also have the ability to revoke or change your bequest at any time while you are living. We would like to thank you for your gift.
The method used to make a bequest will depend on the kind of gift you choose to leave to Hillsdale College.
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 Hillsdale College. The full value of this gift will be transferred tax-free and your estate will receive an estate tax charitable deduction.