A charitable bequest is one of the easiest and most flexible ways that you can leave a gift to Wake Forest University that will make a lasting impact.
A bequest is one of the easiest gifts to make. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends or Wake Forest as part of your estate plan, or you can make a bequest using a beneficiary designation form.
If you have any questions about leaving a bequest to us, please contact us. We are happy to assist you. If you have been so generous as to include a bequest to Wake Forest University as part of your estate plan, please take the time to let us know. We would like to recognize you for your generosity and include you as a member of the Wake Forest Legacy Society. If you will be between the ages of 50 and 69 by June 30, 2023, you will receive gift credit for a portion of your bequest. If you will be 70 or older by June 30, 2023, you will receive gift credit for 100% of your bequest.
The method used to make a bequest will depend on the kind of gift you choose to leave to Wake Forest University.
Bequests of real estate, personal property, business interests and cash are typically made by way of a will, revocable trust or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests, such as those involving retirement assets, insurance policies, bank accounts and stocks and bonds, are typically made by completing the appropriate beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank or investment broker and ask them to send you the appropriate "beneficiary designation" or "payable on death" form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who originally sent the form to you.
The last step in leaving any bequest involves the transfer to charity. When you pass away, the bequest property will be transferred to Wake Forest University. The full value of this gift will be transferred tax-free and your estate will receive an estate tax charitable deduction.