Including UT Arlington and other charities as beneficiaries in your Last Will and Testament is the most traditional way of establishing an estate gift. You can structure a bequest in ways that will be most personally satisfying and tax advantageous. Please consult your financial advisors and, particularly an attorney, when making or updating your Last Will and Testament.* Some examples of bequests through wills:
• Outright (specific) bequest – A gift of a particular amount of money or item of property – unrestricted or specified to a college, school, department, project
• Residuary bequest – The residue is the amount remaining after all of the specific bequests have been distributed. It can be listed as a percentage of the residue or an amount related to the residue
• Contingent bequest – You name a secondary beneficiary to receive property in the event the primary beneficiary is not living.
Life Insurance
You can name UT Arlington and other charitable interests as the full or percentage beneficiaries of a life insurance policy or transfer the ownership of the policy to the charity. There may be income tax benefits to transferring the ownership of the policy and continuing to pay the premiums. Please check with your financial advisors and, for the proper forms for beneficiary or ownership changes, contact your Life Insurance Company or agent. You or your agent may contact the Director of Gift Planning for the appropriate wording for beneficiary or ownership insurance gifts.
Financial Accounts
Most accounts at financial institutions can be made payable on death to a charitable organization or institution. Ask the manager of the institution how you can arrange to designate a death beneficiary for your CD, savings account, share accounts, checking accounts, etc. In some areas, this can be accomplished by a “P.O.D.” (Payable on Death) designation. Securities in a brokerage account can be left through a “T.O.D” (Transfer on Death) designation. Please contact the Director of Gift Planning for the appropriate wording related to the University of Texas Arlington and/or its Colleges and Schools.
Retirement Accounts
Your estate might save both income and estate taxes if you make a charitable organization or institution beneficiary of all or part of your IRA or other retirement account. Please contact your financial advisor related to the tax benefits and the Director of Gift Planning, UT Arlington for the appropriate wording to use to benefit the University of Texas Arlington and/or its Colleges or Schools.