We’re honored that you are considering a gift for Purdue in your will. A bequest is the easiest and most popular type of planned gift.
Bequests are flexible—you’re not making a gift until after your lifetime and you can change your mind at any time; versatile—you can structure your gift in many ways; and convenient—you have access to your assets throughout your lifetime.
You may choose to give a specific dollar amount, a percentage of your estate, or certain assets, such as real estate or a retirement account.
With the help of an attorney, you can include language (sample language is listed below) in your will or trust specifying a gift to be made to Purdue University as a part of your estate plan, or you can make a bequest using a beneficiary designation form.
If you have already included a bequest to Purdue as a part of your estate plan, please let us know by completing our R.B. Stewart Society membership form so that we may recognize you for your generosity. You may also choose to remain anonymous.
Contact Jeanne Butler at jlbutler@purdueforlife.org.
The method used to make a bequest will depend on the type of gift you choose to leave to Purdue. 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. 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 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 Purdue. The full value of this gift will be transferred tax-free, and your estate will receive an estate tax charitable deduction.
The following sample language is suggested for will bequests to Purdue.
I, __________, give, devise, and bequeath to The Purdue Foundation (35-1052049), in West Lafayette, Indiana, ______ percent of all the rest, residue, and remainder of my estate (or _______ dollars, property, securities, etc. described below) wheresoever located. The Purdue Foundation shall transfer the principal amount received hereunder to Purdue University for the endowment fund in the College of ____________ known as the ____________________ (name of endowment), which has been previously established.
I, __________, give, devise, and bequeath to The Purdue Foundation (35-1052049), in West Lafayette, Indiana, ______ percent of all the rest, residue, and remainder of my estate (or _______ dollars, property, securities, etc. described below) wheresoever located. The Purdue Foundation shall transfer the principal amount received hereunder to Purdue University for (scholarships, professorships, student support, etc. or “the unrestricted use and benefit of”) in the Department/School/ and or College of ____________. In the unlikely event the purpose of this bequest is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University at the time of my estate’s maturity or at any time thereafter, then I expressly authorize the President of Purdue University to utilize the funds for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, the above described purpose. This fund for the purpose of investment may be combined with other funds of Purdue University.
Patsy earned a bachelor’s degree in food and nutrition in business from Purdue in 1969, in addition to an MBA in food marketing from Michigan State University in 1970. She retired from Kraft Foods in 2006 after 36 years in corporate food marketing and marketing communications management.
A community volunteer, Patsy serves on the Women’s Fund of Central Indiana Advisory Board and the Purdue College of Health and Human Sciences Dean’s Leadership Council, in addition to the President’s Council Advisory Board. She is a former member of the Health and Human Sciences Alumni Board. Patsy held several offices from 2006 through 2013, including president and treasurer. She serves her community’s Discover Indianapolis Club in Fishers, holding several leadership roles for over 10 years.
Patsy has received several honors, including the Purdue University Nutrition Science Department Hall of Fame recipient in 2009 and the Purdue University College of Health and Human Sciences Distinguished Alumni Award in 2016. She also received the college’s Gold and Black Award in 2016, an honor reserved for donors who have moved the college forward by committing exceptional financial resources.
In addition to endowing two scholarships, the Patsy J. Mellott Scholarship and Patsy J. Mellott HHS Scholarship, she established the Patsy J. Mellott Teaching Innovation Award in the College of Health and Human Sciences in 2013. In 2015, she endowed the Patsy J. Mellott Women’s Tennis Coach Performance Award. She is a lead donor in the Christine M. Ladisch Faculty Leadership Award and the Purdue Women’s Network Virginia C. Meredith Scholarship for the College of Health and Human Sciences.