Putting Puget Sound in your will
You can name the University of Puget Sound as a beneficiary in your will or revocable living trust. In addition to providing significant support to Puget Sound, a charitable bequest may save you significant estate tax dollars.
Outright Bequests
You may leave the university a specific sum of money, a percentage of your entire estate or a percentage of the residue (the part of the estate that remains after all specific bequests, taxes and expenses are paid).
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Contingent Bequests
Bequests can be contingent upon the occurrence of a specific event. For example, you might make a bequest to the university only if a certain heir predeceases you or only if an heir has turned a certain age. This type of provision recognizes the need to provide for the security of others before making a gift to the university.
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Ultimate and Final Beneficiary
You can name Puget Sound the ultimate and final beneficiary of your will. This means that the university receives its gift only if all other named beneficiaries have predeceased you.
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Purposes For Your Bequest
Bequests are wonderful ways to:
- Create endowed funds for scholarships or other purposes.
- Establish memorials to people you love.
- Continue your annual support after your lifetime.
No matter how you want your bequest used, please contact the Office of Gift Planning to discuss your gift and its purpose. This will ensure that the university can fulfill your wishes.
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Legacy Society
Bequests are important sources of support for the University of Puget Sound and are the most commonly used planned gift vehicle. They have helped us construct buildings, increase the endowment and meet our operational expenses. To express our appreciation for these valued gifts, the university established the The Legacy Society. Your gift makes you a member of the Society. Just complete the confidential enrollment form on this Web site. The details of your gift always remain confidential.
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Sample Bequest Language
Below is sample language that your attorney can use when writing a bequest to the University of Puget Sound:
Specific Sum or Percentage
"I give, devise, and bequeath to the University of Puget Sound $_____(or ____% of my estate) to (state purpose i.e. to establish a named restricted fund within the endowment of the university, the income from which shall be used for _______ or to be used as determined by the trustees of the university)."
Residual Bequest
"I give, devise, bequeath to the University of Puget Sound (the balance, residue and remainder of my estate (or) ____% of the balance, residue and remainder of my estate to (state purpose i.e. to establish a named restricted fund within the endowment of the university, the income from which shall be used for _______ or to be used as determined by the trustees of the university)."
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Unique Gift Ideas
Are you considering a gift in your estate plan but are wondering how much to give or how you would want your gift used? Consider one of these approaches.
- Endow your annual fund gift by leaving a bequest to the university's unrestricted endowment. If you give $1,000 annually, you can endow that gift in perpetuity with a bequest of $20,000 to the university's unrestricted endowment.
- Add to an existing endowment. If you do not want to create a named fund, then follow Guy Falskow's lead and add to a fund that already exists. The Gift Planning staff can tell you about all the university's existing endowments to find one that matches your interest.
- Multiply your annual fund gift by 5 or 10 and leave an expendable bequest of that much money, giving new alumni time to develop financially and replace your gifts to the annual fund.
Contact Gift Planning to discuss your ideas for supporting Puget Sound. He can help you design a gift that fulfills your dreams and meets the university's needs.
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