Wills and Living Trusts

Wills and Living Trusts

Overview

A Tax-Wise and Flexible Way to Give

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:

Tax-Wise: A charitable gift through your estate may reduce estate taxes.
Revocable: You may change the beneficiaries of your estate at any time.
Flexible: Your bequest can be directed to any UVA school or program.
Comfortable: A bequest allows you to retain your assets throughout your life.

Wills and Living Trusts

Estate Planning 101 with Skip Fox (Law '80)

In this webinar presented by the Office of Gift Planning, Skip Fox (Law '80) of McGuireWoods LLP covered wills, living trusts, designating beneficiaries for retirement plans and life insurance policies, and planning for financial and health care matters with powers of attorney and living wills.

How do I make a bequest to the University?

If you are writing your will or living trust, you will need to include specific language that correctly identifies your support. If you already have a will, you can add a codicil or amendment to your existing estate plan. If you already have a living trust, you would simply modify the language, directing your trustee to make the desired distributions.

Sample Language

Unrestricted Bequest

Gift will be used for University-determined purposes

I bequeath to The Rector and Visitors of the University of Virginia, a Virginia public corporation located in Charlottesville, Virginia, the sum of $__________________ [or property described herein] to be used by the University in its discretion for its general purposes.

I bequeath all the rest of my estate [or ___ percent (__%) of the rest of my estate] to The Rector and Visitors of the University of Virginia, a Virginia public corporation located in Charlottesville, Virginia, to be used by the University in its discretion for its general purposes.

Restricted Bequest

Gift will be used for purposes you define

I bequeath to The Rector and Visitors of the University of Virginia, a Virginia public corporation located in Charlottesville, Virginia, the sum of $__________________ [or property described herein] to be used by ________________________________ for the following purpose: ______________________________________________.

I bequeath all the rest of my estate [or _____ percent (_%) of the rest of my estate] to The Rector and Visitors of the University of Virginia, a Virginia public corporation located in Charlottesville, Virginia to be used by ________________________________ for the following purpose: ___________________________________________________________.

* If you want to restrict your bequest to a particular school or program, we recommend that you review your intentions with the Office of Gift Planning or a University representative so that they may provide the correct designate language and ensure that your wishes are carried out.

The University of Virginia does not provide legal, tax, or financial advice. We strongly recommend that you consult professional advisors on all legal, tax, or financial matters, including gift planning considerations. To ensure compliance with certain IRS requirements, we disclose to you that this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding tax-related penalties.