A charitable gift from your estate is a favored method of giving that enables you to achieve your financial goals and benefit Wheaton. No other planned gift is as simple to implement or as easy to change should you ever need it during your lifetime.
A bequest may be right for you if:
- You would like to make a gift to Wheaton.
- You want the flexibility to change your mind.
- You want continued access to your gift assets, should you need them.
- A current tax deduction for your gift is not important to you.
Is Wheaton in your will or estate plan? Let us know by downloading our Confidential Estate Intention Form.
Remembering Wheaton College in your will is a wonderful way for you to make a lasting gift. Large or small, your bequest will make an important contribution to our long term strength and our ability to carry on with our activities.
But what if you don't have a will? Don't worry, you are not alone. Most Americans don't have a will.
If you die without a will, the laws of your state will decide how your estate is divided up. Typically, this means your estate will be divided up among your closest surviving family members according to a formula, and none of your estate will go to Wheaton or any other charity. If you wish to have a say in how your estate is distributed, you must have a will. We encourage you to work with an experienced attorney to create a will that accomplishes your goals for your estate.
Ways you can define a charitable gift in your estate plan
There are several ways that you can define the amount of your charitable gift to Wheaton. They are:
- A gift of a particular amount of money. For example, you give $25,000.
- A gift of a specific item or items. For example, you give 1,000 shares of ABC Corporation.
- A gift that will be made only if one or more conditions are met. For example, you give $25,000 provided we still offer a particular program or service.
- A gift that will be made from the remainder of your estate once all other bequests, debts, and taxes have been paid. For example, you give 25% of the remainder of your estate.
Often called a "residuary bequest," this approach assures that your family will be taken care of before your estate makes a bequest to us.
Ways to specify how we may use your bequest
You have several options for telling Wheaton how we may use your bequest, once we receive it. They are:
- An unrestricted bequest – This is a gift for our general purposes. This can be the most useful kind of gift because it allows us to put your gift to the best possible use at the time we receive it.
- A restricted bequest – This is a gift for a specific use, such as a special project or program that is important to you. It is best for you to consult with us before placing restrictions your bequest to be sure we can carry out your wishes.
- An honorary bequest – This is a gift made in honor of someone else. Any form of bequest can also be an honorary bequest. We would be pleased to recognize the people you wish to honor with your gift.
Make sure we can carry out your wishes
It is very important that your bequest be accurately and clearly described in your estate plan so that we can carry out your wishes as you intended. We are pleased to consult with you regarding the terms of your bequest to make sure that we will be able to carry out your intentions. In order to avoid any possible question that your bequest is to our organization, be sure to include our full legal name in your bequest.
Legal name: Wheaton College
We are happy to provide you with sample bequest language to assist you and your attorney.
You have complete flexibility to change your bequest at any time. If circumstances change in a way that makes you want to revise your gift to us, you can.
Because your bequest is revocable, you do not receive an income tax deduction when you create it. Rather, your estate will receive an estate tax deduction for the full value of your bequest in the year it is made. Depending on a variety of factors, including the size of your estate and estate tax law at the time your estate is settled, this deduction may or may not save your estate substantial estate taxes.
In addition to adding bequest language to your will, here are a few other simple ways for you to make a bequest to us:
- Make Wheaton a designated beneficiary of a life insurance policy.
- Make Wheaton a designated beneficiary of a retirement plan.
- Make Wheaton a designated beneficiary of savings bonds.
- Instruct your bank to "pay on death" to Wheaton some or all of a specific bank account.
- Instruct your brokerage firm to "transfer on death" to Wheaton some or all of a specific brokerage account.
Please let us know if you have included Wheaton in your estate plans. We would want to thank you for your thoughtful gift and welcome you as a member of the Founders Society.