A Bequest in your Will is perhaps the easiest method to help ensure that UK’s quality academic and other programs are accessible and available for future generations. Through a Charitable Bequest, you can determine how your resources will be used at the University after you no longer need them. Gifts through your Will, or a Specific Bequest added later through a codicil to your Will, enable you to distribute the assets you have accumulated through a lifetime of work. Gifts through a Will typically provide estate tax deductions and can be constructed in any of the following ways:
- A Specific Bequest can designate the University to receive either a specific dollar amount or a specific piece of property from your estate.
- A Residuary Bequest can be used to give the University what remains of an estate after all debts, taxes, expenses and other Bequests have been paid.
- A Percentage Bequest can convey a Specific Bequest to the University as a percentage of the estate, or as a percentage of the residuary estate, rather than a specified dollar amount.
- A Restricted Bequest can direct the University to use your resources for a specific purpose.
- An Unrestricted Bequest enables the University – or the college or program of your choice – to use your resources where the opportunity is greatest, or where the need is most pressing.
- A Contingent Bequest can ensure that property will pass to the University rather than to unintended beneficiaries should there be certain specific conditions that cannot be fulfilled because of an unexpected occurrence with an original Bequest.