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Gifts by will may be an attractive gift option to donors who are unable to make a current gift but would like to contribute to UGAF in a meaningful way. These gifts may be restricted or unrestricted for the use of funds. Specific, residual or contingent bequests will be recorded by the Office of Planned Giving. A documented (copy of Will, portion thereof, or Bequest Provision Form) specific or residual bequest will be counted for Heritage Society membership.
Types of Bequests:
- Specific bequest - usually a dollar amount. It may also be a gift of real estate or tangible personal property (for example, artwork, antiques, jewelry, or coin/stamp collections).
- Residuary bequest - names UGAF to receive all or a percentage of the remainder of the estate after specific bequests have been fulfilled.
- Contingent bequest - takes effect only if all primary beneficiaries named in the will have predeceased the donor. Declaring UGAF a contingent beneficiary can prevent the property from going to the state if there are no heirs.
- Testamentary trust - designates that part or all of the estate is to be left in some form of trust with a bank or individual trustee with income and/or principal to be paid to UGAF.
- Pooled Income Fund - a gift may be made, by will, to the UGAF's Pooled Income Fund to pay income to a survivor or survivors, with the principal ultimately paid to UGAF.