A bequest is the easiest and most popular type of planned gift. Bequests are:
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 in your will or trust specifying a gift be made to Purdue University as a part of your estate plan, or you can make a gift using a beneficiary designation form.
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 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.
