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Perhaps the easiest and simplest of planned
gifts is to establish a bequest in your will or living
trust that benefits the Colleges. A bequest transfers
ownership of specific assets (such as cash, securities,
an IRA, a home, or other property) to another individual
or charitable organization at one's death. The documents
that are used to accomplish the transfer are called
a will or a living trust.
There is some additional information available about the benefits of utilizing a charitable bequest and how bequests enable you to keep control of your assets.
If you have already included Hobart and William Smith
Colleges in your estate plans, please let us know by
filling out our estate
intention form. We would enjoy the opportunity to
thank you, welcome you to The Wheeler Society, and make
sure your intentions are carried out properly.
All states have laws that specify who receives a person’s
assets if he or she dies without specifying a recipient.
A person who does not have a will or a living
trust is effectively allowing the state to determine
what will happen with his or her assets upon death.
A surprising number of individuals fail to put a will
or living trust in place, which can be a significant
disappointment and source of pain for their families.
If you have not yet made out a will, please consider
this.
Summary about bequests:
- The Colleges welcome bequests of any size. There
is no minimum or maximum.
- There is no limit to the number of bequests you
may make to the Colleges, other charities, family
and friends.
- You will receive an estate tax deduction for the
full amount of your bequest to the Colleges.
- You can change your mind on the amount and recipients
to receive your bequest at any time until your death.
- You can take advantage of different types of bequests
to fit your circumstances.
- You can direct your legacy to a purpose that not
only shapes the Colleges' future, but also may hold
a special meaning for you.
Sample language for your bequest
intention:
When including a bequest provision in your will
or living trust, always use the Colleges' full legal
name and address. (Your attorney may suggest including
the Colleges' federal taxpayer identification number,
as well.)
- Our full, legal name is: "Colleges of the
Seneca."
- Our address is Geneva, New York.
- Our federal taxpayer identification number is 16-0743040
For a bequest of a specific dollar amount, the possible
language is: "I give to Colleges of the Seneca,
located in Geneva, New York, the sum of (Amount) to
be used for the benefit of the Colleges."
For a bequest of specific assets,
the possible language is: "I give Colleges of the
Seneca, located in Geneva, New York, my (asset) to be
used for the benefit of the Colleges."
A proportional bequest is often the
best way to accomplish your goals if you do not want
to specify the exact amount or nature of the intended
gift, perhaps because the size of the future estate
is difficult to estimate. We would receive a percentage
of the estate or Trust or, alternatively, a percentage
of the balance of the estate or Trust after all other
provisions have been met. Possible language is: "I
give to Colleges of the Seneca, located in Geneva, New
York, (percent) of my estate, or (percent of the remainder)
of my estate to be used for the benefit of the Colleges."
A contingent bequest takes effect
only if the primary intention cannot be met (e.g., if
the primary beneficiary does not survive the donor).
This ensures that property will not be distributed to
unintended beneficiaries. Possible language is: "If
(name of primary beneficiary) does not survive me, or
shall die during the administration of my estate, or
as a result of a common disaster, then I give to Colleges
of the Seneca, located in Geneva, New York, all of the
remainder of my estate, to be used for the benefit of
the Colleges."
Bequests for restricted purposes
If you would like to provide support for a specific
program or department that is meaningful to you and
you would like your name and/or that of a loved one
remembered, then you can designate your bequest accordingly.
You simply use any form of the possible language stated
above, and replace "to be used for the benefit
of the Colleges" with "to be used for [insert
purpose or intent with the specific designation]."
The Colleges have specific guidelines to govern the
use of these types of funds. Therefore, we recommend
that you contact us to discuss your restricted gift.
We are here to help you as you plan.
Example: "I give to Colleges
of the Seneca, located in Geneva, New York, the sum
of $50,000 to establish the John and Mary Doe Endowed
Scholarship Fund for deserving Hobart and William Smith
Colleges students."
Frequently asked question:
How often should I update my will or trust?
These documents should be updated any time your financial
or your family circumstances change. As laws vary from
state to state, if you move you should have an attorney
licensed in and familiar with the new state's laws review
your will or trust agreement. It is wise, even if there
are not any significant changes in your circumstances,
to periodically review these important documents.
If you already have a will, a codicil is a written change or amendment to a will. Click
here for a printable copy of what a codicil would look like. Please remember to consult your attorney to make sure you are properly advised.
Please Note:
Gifts of this nature should be carefully considered
in relation to your comprehensive financial and estate
plans. We strongly recommend that you consult an attorney
in the preparation of your will or living trust and
to supervise its execution so as to comply with your
State's requirements.
Thank you for
remembering Hobart and William Smith Colleges.
| Recent
HWS Example:
Gordon Van Hooft’s ’38 - Bequest
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| Gordon
Van Hooft’s ’38 education began in
a one-room schoolhouse in Phelps, N.Y., with an
exceptional teacher who encouraged him to read
almost everything on the school’s bookshelf.
He went on to earn a master’s degree at
the University of Rochester and a doctorate from
the University of Illinois, write science textbooks,
serve as NYS Education Department’s director
of curriculum services, and advise the Ministries
of Education in Indonesia and Vietnam.
For the education that opened those doors to him
he is most grateful, and to “give back”
he has established a scholarship fund in honor
of his late wife, Anita Davies Van Hooft ’40.
The scholarship gives first priority to applicants
with academic promise who are graduates of Midlakes
High School, Phelps-Clifton Springs Central School
District.
“Both Anita and I had wonderful academic
and personal experiences at Hobart and William
Smith, and I am pleased with the way the Colleges
are moving forward today,” said Van Hooft.
“I am happy to be able to help young people
benefit from what the Colleges offer.”
Van Hooft has provided for the Colleges in his
estate plans so that this scholarship will continue
to grow in the future. |
| Real
HWS Example:
Peg Noeltner ’58 - Bequest
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| I
was one of the prospective students from Buffalo
visiting William Smith College in May 1954. This
was our opportunity to tour the campus and meet
the young women who were to become our classmates
and friends. I rode to Geneva with two other students
and we compared notes, such as how we learned
of William Smith College. My aunt and uncle had
graduated in 1952 and had encouraged me to apply;
no regrets here!
My first year residence was McCormick and several
of us continued on to all the houses on the "Hill." We added and subtracted people, but formed a friendship
support group that is very active today. Eight
of us met in Charleston, S.C., several years ago.
It was great! The same group tries to meet every
couple of years and, of course, at reunions.
The lasting impact of small town college life
is a pleasant memory and created opportunities
a very large campus would not have offered. Perhaps
that is much of the reason I have supported William
Smith College over the years, not only in financial
giving, but by volunteering, first in the Alumnae
Club in Buffalo and later attending volunteer
workshop programs on campus while I was on the
Alumnae Council.
When the time came to update my will a number
of years ago, I felt I wanted to include William
Smith College with a bequest. I wanted to support
an institution I was fond of. I have always been
involved with community activities, depending
upon my residence and time while working outside
the home. League of Women Voters and Meals on
Wheels were especially meaningful, as are my sons'
activities.
Now that I have retired to North Carolina, thanks
to Peg Stamm Rees’ '58 encouragement, I
have enjoyed traveling to great places like Australia
and New Zealand, Alaska and the Panama Canal.
Tennis continues to be important to me here, as
are other activities such as reading to preschool
children once a week.
I shall continue to work to support Hobart and
William Smith Colleges and I encourage everyone
to consider a bequest to the Colleges, which certainly
had an influence on all our lives. I also feel
it is important to maintain an updated will as
your circumstances in life change.
Please consider a bequest and become a member
of The Wheeler Society. |
Please note, individual financial circumstances will vary. The information on this site does not constitute legal or tax advice. As with all tax and estate planning, please consult your attorney or estate specialist. All material is copyrighted and is for viewing purposes only. Use of this site signifies your agreement with the terms of use. This Planned Giving section has been developed for Hobart and William Smith Colleges by Future Focus.
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