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What is a Bequest?
A bequest is a section of your will which directs the executor of your estate
to make a gift from your assets to the person or institution of your choice after you die. Bequests may be used to provide gifts of money, real estate, stocks, or even works of art or jewelry. Bequests may also be used to establish charitable trusts which can provide funds for your heirs and at the same time set aside funds for the university.
Do I Need an Attorney?
Your attorney should draft or review your will. For a bequest to the university,
we suggest using the below wording. You should ask your attorney to review such
wording before signing the will. You should also complete your will as part of
your overall estate plan. If you already have a will, you may add a "codicil" to
provide for a bequest to the University of Alaska.
Bequest Wording
The following language may be inserted in your will (or in a codicil to your will) to accomplish a simple bequest to the University of Alaska. For more complex bequests, such as those to establish charitable trusts etc.
“I hereby give to the Board of Trustees of the University of Alaska Foundation,
a non-profit 501 (C) (3) corporation located at 910 Yukon Drive Fairbanks, Alaska,
the sum of $_______ (or describe the property to be given)."
Specific Restrictions
Additional wording may be included which gives more specific instructions as
to how your bequest is to be used by the University. For example, you may specify that the bequest be used to benefit a particular campus of the university system and/or a particular department or program. You may also specify a particular use such as for a scholarship, faculty support, or purchase of equipment, etc. Finally, you may specify that your gift be used to establish an endowment which will be used to provide perpetual support. Endowments have a minimum gift level of $25,000 and may carry your name or any other name you choose.
Tax Benefits of Bequests
The property and assets you own when you die are subject to an estate tax. The
tax ranges from 37% to 55% of the value of your estate after certain deductions
are subtracted. One of the few deductions which are allowed are those for gifts
made through your will to a charitable organization like the university. Thus,
depending on the value of your estate and your own financial situation, bequests
can result in major tax savings for your estate. You should consult with your tax accountant as to how your bequest will affect your own estate taxes.
The Next Step
Ideally your bequest should be completed after consultation with both the university and your attorney so that you can be sure that the bequest will accomplish the purpose you envision. You or your attorney should contact one of the University Development Offices.
Bequests at the University of Alaska are managed and invested by the University of Alaska Foundation. As approved by the Foundation Board of Trustees, a small portion of each gift received by the Foundation will be used to defray the costs of administering and raising funds for the benefit of the University of Alaska. |
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Further information about the University of Alaska Foundation Planned Giving program can be obtained by writing to Scott Taylor, Gift Planning Manager, University of Alaska Foundation, PO Box 755080, Fairbanks, AK 99775, by calling (907) 450-8032 or by email at scott.taylor@alaska.edu. |
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