Office of Gift Planning
Bequests
A will or living trust is a statement about what matters most in your life. By making a will or living trust, you can ensure that your intentions are clearly expressed, and that they will be followed by those administering your estate. When you name the University in your estate plans, we know that you have included Carolina in a special group of family, friends and organizations that you hold most dear.
Benefits of a bequest to Carolina include the satisfaction of providing for the University's future and the potential for estate tax savings and a lasting Carolina legacy that can carry your family’s name. You can designate your bequest as you wish - to the unrestricted needs of the University or directly to a particular school or unit on campus.
It is very important that the bequest be correctly stated in your estate plan. The staff in the Office of Gift Planning is happy to work with you and your advisors in suggesting specific language for your gifts to Carolina.
Informing the University of your bequest intention greatly helps the University in its long-range planning and, most importantly, allows us to thank you now for your generosity. It also qualifies you for membership in The Gerrard Legacy Society.
Types of Bequests
Bequests can take various forms, and we describe each below. The sample language in each example is for unrestricted bequests. If you prefer to designate your bequest for a specific purpose or to one of the University's affiliated foundations, we would be happy to prepare specific language for you to share with your advisors.
- Specific bequest - states a specific dollar amount or asset. It may be a gift of cash, securities, real estate or tangible personal property (i.e., artwork, antiques, or coin/stamp collections).
Example: I give [specific dollar amount or asset] to The University of North Carolina at Chapel Hill Foundation, Inc., to be used for the benefit of [school/unit/department] at The University of North Carolina at Chapel Hill.
- Residuary bequest - names Carolina to receive all or a percentage of the remainder of the estate after specific bequests have been fulfilled.
Example: I give [X percent] or [the remainder] of my residual estate to The University of North Carolina at Chapel Hill Foundation, Inc., for the benefit of [school/unit/department] at The University of North Carolina at Chapel Hill.
- Contingent bequest - takes effect only if all primary beneficiaries named in the will are predeceased. Declaring Carolina a contingent beneficiary can prevent the property from going to the state if there are no heirs.
Example: If [name of beneficiary] predeceases me, I give such property to The University of North Carolina at Chapel Hill Foundation, Inc., for the benefit of [school/unit/department] at The University of North Carolina at Chapel Hill.
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