Wills, Bequests and Beneficiaries
Bequests, or naming UWSP as a beneficiary in your will or trust document, is an opportunity to provide for others beyond the limits of your lifetime. A bequest is a means of making a much larger gift than possible while you are still drawing an income from your investments.
It doesn't have to be "the family" or my college. Bequests are exempt from federal or state estate taxes. A properly planned bequest can result in a larger estate passing on to your heirs.
Donors make specific bequests of property, or allocate a percent or dollar amount from their estate in their wills. Another method would be to allocate "the residue" of your estate, or what is remaining after all other bequests or terms of your will have been met.
You can make a bequest to departments in the UWSP College of Professional Studies or to the college itself by inserting certain language in your will or trust document, or by designating the college as a beneficiary through other assets and investment vehicles.
Three steps may help you learn more about providing for a number of beneficiaries in your will or trust, or to help you with the process of designating UWSP and the College of Professional Studies as a beneficiary through life insurance, savings and investment accounts or other assets.
First, choose and consult a trusted professional adviser: estate planning attorney, trust officer, accountant, financial planner, investment adviser, money manager. Please note that state laws pertaining to wills and bequests vary widely.
Second, ask your adviser to discuss charitable legacies and charitable giving with you.
Third, let us know that you have included us in your estate planning.