Giving to the University through your will or living trust is often referred to as a “bequest.” A bequest from your estate may include cash, securities, real estate, and/or personal property. It can be for a specific amount or for a percentage of your estate.
Your bequest to the University is …
If you are writing your will or living trust, you will need to include specific language that correctly identifies your support of the University. If you already have a will, you can add a codicil or amendment to your existing estate plan. Or, if you already have a living trust, you would simply modify the language, directing your trustee to make the desired distributions.
James Madison’s bequest in 1836 of $1,500 established the first endowment at the University Library. This gift continues to provide funds annually for the purchase of books. In addition, Madison gave his personal library to the University.
Informing the University of your gift does not obligate you or your estate in any way; it simply helps the University fully understand your gift intentions and ensures that there is a plan in place for implementing them. For example, if you would like to endow a scholarship, the University’s Office of Gift Planning can assist you in establishing the terms of that scholarship. Additionally, it allows the University to thank you appropriately. Of course, it is understood that you may change your bequest at any time.
Participate in the Campaign for the University of Virginia — notify the University of your bequest.