Ways to Make a Deferred Gift

Bequest

Bequests are the most common way to make an estate gift to Richmond. To make a bequest, you simply add a provision in your will, revocable trust, or irrevocable trust that names the University of Richmond as a beneficiary of your estate. You can designate that your gift benefits a program or area that is meaningful to you, or you may provide unrestricted support to fund the University’s most important needs.

The University can provide sample language to include in your will or trust.


Beneficiary Designations

Naming the University of Richmond as a primary or contingent beneficiary of a retirement plan may enable you to make a larger gift than you anticipated. This is because income and estate taxes are not imposed when plan assets are distributed to Richmond. 

The value of retirement accounts may increase significantly over time, leading to a built-in tax liability. Leaving these assets to loved ones (other than a spouse) may result in a significant portion of the value being lost to taxes. By using your retirement accounts to make a gift to Richmond, the funds are transferred tax-free and the University realizes the full value of the gift. 

You may also choose to name Richmond as a beneficiary of other accounts, such as insurance policies, bank accounts, or brokerage accounts.