Bequest

We’re honored that you are considering a gift for Purdue in your will. A bequest is the easiest and most popular type of planned gift.

How you benefit

  • You may receive estate tax savings
  • You lessen the burden of taxes on your family
  • You make a lasting impact

How it works

Bequests are flexible—you’re not making a gift until after your lifetime and you can change your mind at any time; versatile—you can structure your gift in many ways; and convenient—you have access to your assets throughout your lifetime.

You may choose to give a specific dollar amount, a percentage of your estate, or certain assets, such as real estate or a retirement account.

With the help of an attorney, you can include language (sample language is listed below) in your will or trust specifying a gift to be made to Purdue University as a part of your estate plan, or you can make a bequest using a beneficiary designation form.

If you have already included a bequest to Purdue as a part of your estate plan, please let us know by completing our R.B. Stewart Society membership form so that we may recognize you for your generosity. You may also choose to remain anonymous.

Questions?

Contact the Office of Planned Giving at 765-494-2727 or plangift@prf.org.

Additional information

The method used to make a bequest will depend on the type of gift you choose to leave to Purdue. Bequests of real estate, personal property, business interests, and cash are typically made by way of a will, revocable trust, or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.

Other bequests—such as those involving retirement assets, insurance policies, bank accounts, and stocks and bonds—are typically made by completing the appropriate beneficiary designation form. Contact your retirement plan administrator, life insurance company, bank, or investment broker and ask them to send you the appropriate “beneficiary designation” or “payable on death” form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who sent the form to you.

The last step in leaving any bequest involves the transfer to charity. When you pass away, the bequest property will be transferred to Purdue. The full value of this gift will be transferred tax-free, and your estate will receive an estate tax charitable deduction.

Samples

The following sample language is suggested for will bequests to Purdue.

Bequest for an Endowment

I, __________, give, devise, and bequeath to The Purdue Foundation, Inc., in West Lafayette, Indiana,  ______ percent of all the rest, residue, and remainder of my estate (or _______ dollars, property, securities, etc. described below) wheresoever located. The Purdue Foundation, Inc. shall transfer the principal amount received hereunder to Purdue University for the endowment fund in the College of ____________ known as the ____________________ (name of endowment), which has been previously established.  In the event the purpose of this bequest  can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University at the time of my estate’s maturity or at any time thereafter, then I expressly authorize the President of Purdue University to utilize the funds for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, the above described purpose.  This fund for the purpose of investment may be combined with other funds of Purdue University.

Unrestricted/Restricted Bequest

I, __________, give, devise, and bequeath to The Purdue Foundation, Inc., in West Lafayette, Indiana,  ______ percent of all the rest, residue, and remainder of my estate (or _______ dollars, property, securities, etc. described below) wheresoever located. The Purdue Foundation, Inc. shall transfer the principal amount received hereunder to Purdue University for (scholarships, professorships, student support, etc.) the Department/School/ and or College of ____________.  In the event the purpose of this bequest  can no longer be carried out due to changing conditions or that such purpose is being met from other sources or is no longer necessary or desirable for the furtherance of the charitable and educational purposes of Purdue University at the time of my estate’s maturity or at any time thereafter, then I expressly authorize the President of Purdue University to utilize the funds for any purpose that may be deemed proper in his/her discretion, keeping in mind, however, the above described purpose.  This fund for the purpose of investment may be combined with other funds of Purdue University.