Gift Planning

Bequests

With a bequest, you designate Wofford as a beneficiary in your will. A bequest allows a person of modest means or great wealth to positively impact Wofford. To make sure your will accomplishes all of your goals, it is recommended that you obtain the professional counsel of a qualified estate planner.

Types of Bequests:

  • Specific Bequest – A gift of a particular thing or asset. This could be a specified sum of cash or an object (such as a home, a piece of art, a car, etc.).
  • Percentage Bequest – A gift of a percentage of the overall estate.
  • Contingent Bequest- A gift that is dependent on something else happening first. For example, Wofford might receive 10% of someone’s estate if their spouse predeceases them.
  • Remainder Bequest – A gift of anything that is left after all specific distributions are made.

Assets Used:

  • Cash
  • Marketable securities
  • Personal or real property (such as a home, a piece of art, a car, land, etc.)

Benefits:

  • You may direct your assets to those you care about most.
  • You may select an executor to oversee the distribution of assets in a tax-wise manner.
  • You can provide for minor children by naming a guardian and/or establishing a trust.
  • You have the potential to save considerable estate taxes.
  • A bequest is revocable. You can make changes as your personal circumstances change.
  • You can make a positive impact on future Wofford students, professors and programs by designating a gift to an area that interests you.
  • You can leave a legacy without giving up assets during your lifetime.

You might be interested if...

…you want to continue to support the people and causes that have mattered most to you. Everyone needs a will! Without a will, the state determines the distribution of your assets. Having an outdated will might result in your current intentions not being carried out. Everyone should execute a will and review it regularly, as changes occur in your life.

Resources:

  • Bequest FAQs - Find answers to commonly-asked questions about wills here.
  • Bequest intention form - Please notify us if you have chosen to include Wofford as a beneficiary in your will. By sharing with this form with us now, you ensure that your gift will be used in accordance with your wishes.
  • FreeWill - A free service offered by Wofford to allow you to create a simple, legal will in about 25 minutes.
  • Sample bequest language - Includes options for how to word a bequest in your will. It is recommended that you share this with your professional estate planner.
  • Will toolkit - Designed to help you maximize your time with your attorney when creating a will.