Planning for the future and creating the legacy you wish to leave is one of the most effective ways to ensure a lasting impact on our society. Making a charitable bequest can guarantee that your legacy endures.
Your charitable bequest may be a specific dollar amount, a percentage of your estate, or the remainder after all other provisions are specified. A bequest also may be established as a testamentary trust that provides income to your surviving spouse and/or other beneficiaries during their lifetime, after which the remaining assets are given to the university. Your bequest may be:
Unrestricted, to meet the university's needs, as determined by the president, with the advice of the Board of Governors, or
Restricted, to be used according to your intentions. Some possibilities include: a particular college or school in the university; faculty or program support; or scholarships. Please consult with the Planned Gifts Office to assure we can fulfill your intent.
If you have already completed your will, a simple codicil may be used to add a gift for Wayne State. If you have not yet created your will to ensure that your estate is handled according to your wishes, this can be easily accomplished. Regardless of the size or complexity of your estate, a will is necessary to create a bequest. If you do not make your own estate plans, the laws of the state in which you reside will determine how your assets are distributed after your lifetime. On the next page is suggested language to take to your attorney for use in drafting your bequest.
If you have named Wayne State University in your will or trust, please let us know so we can ensure that your gift is used according to your wishes. Notifying us of your plans will enable us to plan for the use of your future gift and to invite you to join The Old Main Society, an organization created to recognize alumni and others who name Wayne State University in their estate plans. A future gift of $10,000 or more qualifies you for recognition in the university's prestigious Anthony Wayne Society. However, if you prefer to remain anonymous, we will keep your name and gift in strict confidence.
Please contact the Planned Gifts Office for more information or visit our Web site: www.giving.wayne.edu.
Sample Bequest Language
For a general bequest to Wayne State University we suggest the following language for your will and/or trust:
"I give to Wayne State University, a Michigan Constitutional Corporation, Detroit, Michigan, the sum of $__________ (or: __________ percent of my estate) to be used for the benefit of Wayne State University in such manner as the Board of Governors thereof may direct."
To designate your provision for a particular College, School, Department or area:
"I give to Wayne State University, a Michigan Constitutional Corporation, Detroit, Michigan, the sum of $__________ (or: _________percent of the remainder of my estate) to be used by Wayne State University for the benefit of the (College, School, Department, area of) ______________________________________at Wayne State University."
If you choose to restrict your bequest provision for the establishment of a specific fund, add the following:
"for an endowment to be known as the (name of your fund)."
You are welcome to establish endowments in your will or trust for a scholarship, lectureship, research fund, fellowship, professorship, or chair. Please discuss your desires with us to determine amounts needed for each of these naming opportunities, and encourage your attorney to discuss your provision with us. We would be pleased to draft an agreement establishing your future endowment, provide you with a copy for your records and to place the original on file here.
Please consult with your professional advisors to ensure that your plans are optimum for you and that you have adequate substantiation of your charitable contributions.