Charitable Bequest in a Will or Trust
Leave a legacy for your favorite Michigan Tech program without affecting your current assets
Drawing up a will can be the first step toward a wise financial plan for you and your family, as well as for the organizations you support. A valid will allows you – not your state's law – to determine the distribution of your assets upon your death. Whether providing for a spouse, children, or charitable organizations, your will should be prepared with the help of an attorney and reviewed regularly.
A bequest through a will or revocable trust is the most popular and flexible way of giving a deferred gift to Michigan Tech through the Michigan Tech Fund. A bequest gives you these benefits:
- It is a simple way to make future gifts to the University while retaining control over property during your lifetime.
- Your bequest may be fully deductible from your taxable estate, which may place your estate in a lower tax bracke.
- You have the personal satisfaction that comes from directing your own "social capital."
Over the years, the Michigan Tech Fund has received bequests of all sizes. Such gifts do not need to be large to have a lasting impact on Michigan Tech students, faculty and programs. For example, a bequest of $20,000 may provide perpetual support equivalent to $1,000 per year.
Benefits of a Bequest in a Will or Trust
- Gifts can be designated for the Michigan Tech program or purpose of your choice
- No impact on your current assets
- Possible estate tax savings
Read a Story about a donor who gave a Charitable Bequest
Kinds of Bequests
- A specific bequest is the simplest form of bequest. It designates a fixed dollar amount or specific property to a beneficiary (in this case, the Michigan Tech Fund). This type of bequest is appropriate when you have an item of value (stocks or bonds, real estate, works of art, or rare books) or a definite dollar amount that you wish to leave to a college, department, or program.
- Residual or proportional bequests designate either your entire estate or a percentage of your estate after other specific bequests are distributed. The advantage of designating a portion of your estate to the Michigan Tech Fund is that the bequest automatically adjusts in size as your estate increases or decreases over the years.
- Contingent bequests are carried out only if circumstances make it impossible to carry out a primary bequest. For example, if all other beneficiaries are deceased, then a contingent beneficiary receives the bequest. The Fund is often named as a contingent beneficiary in the wills and trusts of young alumni and friends of Michigan Tech.
- Retirement plan assets
How to create a bequest to the Michigan Tech Fund
Your will is a legal document and should be drafted or amended by an attorney. The Michigan Tech Fund will be happy to work with you and your attorney to draft a bequest that fits your situation, satisfies your personal goals, and meets the University's needs. Contact Eric Halonen (ehalonen@mtu.edu), (906) 487-3325, for more information.
All four types of bequests can benefit your favorite college, department, or program. Alternatively, you may choose to provide a bequest for undesignated support. Such gifts, directed to the University's greatest need, have benefits that are truly campus wide.
Suggested language for a bequest in a will or trust
I give to the Michigan Tech Fund, a Michigan nonprofit corporation of Houghton, Michigan,the sum of $______________
all of my interest in the following described property: _________________________
_____ percent or all of the residue of my estate
to be used as the board of directors of the Fund shall determine
to be used for the benefit of ____________________ (name of college, department, or program)
to be used for the purpose of ________________________ (for example, student financial aid, research, faculty development, other purpose).
McNair Society
The McNair Society recognizes those who have left a legacy for Michigan Tech by providing specific bequests or planned gifts through their estates. This giving society is named for Fred McNair, Michigan Tech's president from 1899-1924. Through McNair's vision and commitment to leave a legacy for future Michigan Tech students, the fledgling college grew and prospered during his presidency.
If you would like more information about the McNair Society or are considering including the Michigan Tech Fund in your estate plans, please contact Eric Halonen (ehalonen@mtu.edu), (906) 487-3325. If you have already included the Michigan Tech Fund in your plans and would like to be recognized, please let us know. We would be pleased to honor you as a member of the McNair Society. Please contact Eric Halonen or fill out the McNair Society Declaration of Intent form here on our website and return it to the Michigan Tech Fund (address) to Mr. Halonen's attention.
View the McNair Society Declaration of Intent Form