Gifts by Will and Revocable (Living) Trust
The simplest way to leave an estate gift for Millikin is to designate Millikin as a beneficiary in your will. Gifts can be a dollar amount, percentage, or the residue of your estate. Your bequest is not payable until after your lifetime, so it will not affect your current cashflow. You can change or revoke your bequest at any time.
A bequest might not be received by Millikin for many years; therefore, it is preferable that any restrictions placed on your gift be as minimal as possible, so as to provide Millikin with maximum flexibility in applying your gift. However, we are also grateful to receive bequests designated for a specific program or department that is special to you.
Below is some sample language for your consideration in leaving Millikin a gift via your will:
"I hereby give to Millikin University, a not-for-profit corporation located in Decatur, Illinois, ___% of my estate (or $__) to be used as its Board of Trustees may deem advisable (or for a specified use) for the benefit of Millikin University."
You may also designate Millikin as a beneficiary of your estate through your revocable trust. By leaving a specific dollar amount or percentage of the trust to Millikin, you are able to share in the University's future while providing security for yourself and your heirs as part of your carefully-structured financial planning.
Why do you need a will?
It’s simple-a will allows you to determine where your assets will go and which people and organizations will benefit from your estate. A person who dies without a will is considered “intestate”-this means that your assets will pass according to the laws of your state. With a will, you can choose how to divide your estate amongst your loved ones and organizations you care most about.
If you are unsure of where to start, first make a list of all of your property and its approximate value. Then decide to whom you wish to leave your property. It is strongly recommended that you consult with an attorney to prepare your will. An attorney will be familiar with the legal requirements for a will in your state, and help ensure that your wishes are met.