Everyone needs a will, but an estimated 70 percent of Americans do not have one. Not only does establishing a will provide you with the potential to save on estate taxes, but it also allows you to take care of your loved ones and make an impact on the Wofford community without giving up assets during your lifetime.
Your legacy is more than just a sum of your possessions, but naming Wofford as a beneficiary in your estate will ensure that you make a meaningful and lasting impact on future generations of citizens, leaders and scholars. The world needs more Wofford graduates, and you can help.
A: A bequest is a distribution from your estate through your will. A bequest allows people— both those of modest means and great wealth—to distribute assets to loved ones and to charitable organizations like Wofford. To ensure that your will accomplishes all of your goals, we recommend the professional counsel of an attorney or qualified estate planner.
A: Without a will, the state determines the distribution of your assets. Having an outdated will might result in your current intentions not being honored. Everyone should execute a will and review it regularly as changes occur in their life.
A: It’s never too early to create a will. Many people feel that they aren’t old enough or don’t have enough assets to require a will. Even recent graduates, however, have possessions and assets to distribute. Find an executor who will carry out the wishes expressed in your will.
A: 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 percent of someone’s estate if their spouse predeceases them.
Remainder Bequest – a gift of anything that is left after all specific distributions are made.
A: When you create your bequest, you have the ability to designate your gift to a particular program or area of interest that is important to you. Whether you’re interested in establishing an endowed scholarship, an endowed professorship, funding for a particular program or funding capital improvements, signing a fund agreement now assures your intentions will be followed.
A: If you have a will already, a simple amendment can be added to your existing document to allow Wofford to benefit as well. Take a look at our our Sample Bequest Language and make sure that you share this with your professional estate planner.
A: If you have chosen to include Wofford as a beneficiary in your will but have not notified us, please contact Lisa De Freitas, Director of Gift Planning, so we can recognize you as a member of the Benjamin Wofford Society. By sharing your wishes now, you ensure that your gift will be designated in a way that’s most meaningful to you.