Bequest

A bequest in your will or trust can be tailored to complement your financial goals and support Tufts. It is the simplest way to make a significant gift to Tufts without affecting your assets during your lifetime.

If you decide to include a gift for Tufts in a bequest intention, please notify us so that we can thank you and make sure that we have a clear understanding of your plans. Your notification will be treated confidentially, if you so desire.

How a bequest works

	You can provide now for a future gift to Tufts by including a bequest provision in your will or revocable trust.
	When the time comes, your will or trust directs a bequest to Tufts for the purpose(s) you specify.

Benefits of making a bequest

• Your assets remain in your control during your lifetime.
• You can modify your bequest if your financial situation changes.
• You can designate your bequest to a particular purpose, please contact us to ensure that your gift can be used as intended.
• Making a charitable bequest can result in significant estate tax savings.

Important factors to consider when making a bequest:

• How your gift will be used: You may choose to designate a particular program or department as beneficiary of your gift, or you may allow  your gift to be used at the discretion of the university. By leaving your gift undesignated, it will be used in the area of greatest need.
• What form your gift should take: You may choose to designate a specific sum from your estate (e.g. $50,000), or you may choose to leave a percentage of your estate (e.g. 5 percent). Additionally, you can give specific assets through a bequest, including securities, real estate (such as a residence or office building), or tangible personal property (such as artwork, antiques, royalties, or copyrights).
• Priority of your gift: You can decide whether Tufts will benefit outright through your will or revocable trust, or only after other conditions are met, such as the distribution of bequests to heirs and other loved ones.
• Will your gift be permanent? You have the option of “endowing” your gift to provide lasting financial resources. Because we never spend the principal of an endowed gift, there will always be income to support our programs and projects.

Frequently asked questions about bequests

Will my gift be tax deductible?
Historically, bequests have been deductible for federal estate tax purposes. In addition, the gift is usually exempt from state inheritance taxes.

What if I've already written my will or trust?
You can amend a will or trust to make a gift without rewriting the entire document. Your attorney can prepare the simple statement, called a codicil, which adds a new provision while reaffirming the other terms of your will. Similarly, he or she can prepare an amendment to your revocable trust to add Tufts as a beneficiary.

What's the difference between a will and a trust?
     A will serves as an instruction manual to your survivors about how you want your property distributed. It's a revocable document that only takes affect after your death.
     A revocable trust (also called a living trust) is a legal entity that can hold assets during your lifetime, then transfers ownership of them—or benefit from them—upon your death. Unlike a will, assets that pass through a trust will not be subject to the probate process.
     There is no difference between wills and revocable trusts in the way transfers from them are taxed. In some states, however, the probate and distribution process is simpler with a revocable trust. Your advisers can help you choose which vehicle will work best for you.

A bequest is for you if...

• You want to help ensure the future viability and strength of the university.
• Long-term planning is more important to you than an immediate income-tax deduction.
• You want the flexibility of a gift commitment that doesn't affect your current finances.

(return to top)

Bequest Checklist

	When including a bequest provision in your will or revocable trust, always use our full legal name: Trustees of Tufts College. (Please see below for sample bequest language.)
	Clearly state the amount or percentage you would like to leave to Tufts University and if the gift is restricted to a particular use and/or permanently endowed.
	If you’ve restricted your gift, have you included language that allows the university to use the funds in another way in the event that the purpose your gift supports is no longer relevant?

Sample bequest language

A general bequest: “I give the sum of __________ dollars ($______.00) to Trustees of Tufts College, of Medford, Massachusetts for the general purpose and use of the [Name of School].”

A residuary bequest: “I give _______ percent (__%) of the residue of my estate to Trustees of Tufts College, of Medford, Massachusetts, for the general purpose and use of the [Name of School].”

Gift for preferred purpose: “I give ______________ to Trustees of Tufts College, of Medford, Massachusetts, in support of the [Name of School]. It is my wish that this gift be specifically used to support [describe specific intent here]. If it becomes inappropriate or impossible to accomplish the purpose of the gift as described herein, then the dean of the [Name of School] may designate this bequest to be used for the benefit of a substantially similar purpose.”

Please contact the Gift Planning Office for sample bequest language that fits your specific purpose or gift.

If you are in the process of creating a will, your attorney may want to know the university’s tax identification number: 04-2103634.

(return to top)

This information is not intended to be legal or tax advice. Please contact your attorney if you are considering this type of gift.