A beneficiary designation is one of the simplest ways to make a gift to Mount Holyoke College. It's literally as easy as filling out a form.
You can specify the individuals and charities you want to support and you can also specify the percentage of the assets you want each beneficiary to receive.
Download a PDF on Beneficiary Designations.
Beneficiary designations are available when giving the following assets:
- You can make Mount Holyoke College the beneficiary of your retirement assets. This type of gift is simple because you can control the transfer of these assets at your death without changing your will or living trust. All you need to do is complete a new beneficiary designation form from your plan administrator. There is no need to modify your will or living trust.
- A gift of retirement assets has the added advantage of being among the most tax-wise ways to make an estate gift. This is because your retirement assets, when left to individuals (other than a spouse), are subject to income tax in addition to any applicable estate tax. With a gift to a nonprofit such as Mount Holyoke, taxes are avoided and 100 percent of your gift is passed to the charity. It is often better to leave other types of assets-cash, securities, real estate-to your heirs and give the more heavily taxed retirement asset to Mount Holyoke College.
- Life Insurance policies can also be used to make a gift to Mount Holyoke. Complete and return to the insurance company a form designating that The Trustees of Mount Holyoke College Tax ID# 04-2103578 receives all or a portion of the death benefit associated with your life insurance policy. As an alternative to naming Mount Holyoke as the beneficiary, you can transfer ownership of the policy. Transferring ownership could provide income tax savings in the year of the gift. Contact a member of the Gift Planning team for more information on transferring ownership of a life insurance policy.
- Commercial Annuity Contracts - A commercial annuity will sometimes have a remaining value at the end of the annuitant’s lifetime. You can name The Trustees of Mount Holyoke College Tax ID# 04-2103578 as a beneficiary to receive all or part of this amount by completing the appropriate form from the insurance company.
- Bank Accounts - You can instruct your bank to pay The Trustees of Mount Holyoke College Tax ID# 04-2103578 all or a portion of what remains in a checking or savings account as a transfer of assets at death. Your bank will provide you with the appropriate beneficiary designation form.
- Investment Accounts - You can instruct your investment company to transfer to The Trustees of Mount Holyoke College Tax ID# 04-2103578 some or all investments held in the account at the time of your passing. Your broker or agent will let you know the process for doing this.