Bequests at UVa-Wise

What is a bequest?
A bequest is any gift made through a will or trust. A trust is a contract between you and your appointed trustee, who manages and distributes assets in your estate according to your wishes.

What types of bequests can I make to the college?
There are two basic types of bequests: unrestricted and restricted bequests. With an unrestricted bequest, you allow the college to use the funds where they are needed most. With a restricted bequest, you designate how your contribution will be spent.

What kinds of bequests are needed most?
Unrestricted gifts afford the college the greatest flexibility to meet pressing needs. With unrestricted funds, the college can respond quickly to emerging priorities or promising opportunities.

How can I structure my bequest?
Bequests may be structured in several ways:

  1. An outright gift is a fixed dollar amount;
  2. A residual bequest leaves the remaining part of your estate to UVa-Wise after gifts are distributed to other beneficiaries;
  3. An endowed gift in a bequest provides perpetual funding for a scholarship, fellowship, or professorship at the college;
  4. A contingent bequest makes UVa-Wise the beneficiary only if your primary beneficiary(ies) has died.

Vehicles such as charitable remainder trusts and gift annuities may be used in a will, as long as you designate beneficiaries who survive you. These are often called testamentary trusts and testamentary gift annuities.

What can I give in a bequest?
You may leave cash, securities, real estate, or other appreciated assets. You may also choose to give a percentage of your estate after you provide for your heirs, or you may give all of your estate.

What are the tax benefits of bequests?
Generally, charitable bequests lower your taxable estate, which can reduce the amount of money you pay in taxes. To deduct charitable donations, your executor will need to itemize your tax return.

Why should I make a bequest?
Many donors find that a bequest is an effective vehicle for making major gifts to the college. A bequest allows donors to retain control of their assets until their death. If financial circumstances change, the donor may change or revoke a bequest or increase the amount of the gift.

How to keep a bequest private?

Probate, or the legal process of distributing your assets by a will, is a public process. If you don’t want anyone to know the details of your bequest, consider making your gift through a charitable remainder trust. That way, your assets are directly transferred.

How do I make a bequest?
There are a couple of Advancement Staff whom you can contact: Valerie Lawson and Bill Wendle. You should also talk with your estate planning attorney. If you already have a will, you will need a codicil, which is a legal amendment to your will. When making a bequest, please use the college’s full legal name: The University of Virginia’s College at Wise. The federal Tax Identification Number for the College is 54-1638774.  To contact any of these individuals regarding a bequest, please call (276) 328-0129.

Why should I tell UVa-Wise about my bequest?
Knowing about estate gifts helps the college plan for the future and set long-range goals. Moreover, the college would like to thank you properly and honor you with membership in the Philanthropist Society, with your approval.

Download a Planned Giving form

UVa-Wise 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.

For more information, contact the
Office of Advancement and Alumni Engagement
Bowers-Sturgill Hall
One College Avenue
Wise, VA 24293
276.376.1024 (fax)