Bequests in Wills or Living Trusts

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A charitable gift from your estate is a method of giving that enables you to achieve your financial goals and benefit Mount Holyoke. Making Mount Holyoke a beneficiary of your estate plan is simple to implement and easy to change should you ever need to during your lifetime.

A bequest may be right for you if:

  • You would like to make a legacy gift to Mount Holyoke.
  • You want the flexibility to change your mind.
  • You want continued access to your gift assets, should you need them.
  • A current tax deduction for your gift is not important to you.

Download a PDF on Bequest Giving.

Click here to see Mary Lyon's Will.

Alumnae preparing for their 50th - 75th reunion are able to have their bequests included in class totals at reunion. For more information, click here.

 

 

 


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Remembering Mount Holyoke College in your will is a wonderful way for you to make a lasting gift. Large or small, your bequest will make an important contribution to Mount Holyoke’s ability to carry out her mission of providing an academicly rigorous education for women.

But what if you don't have a will? Don't worry, you are not alone. Most Americans don't have a will.

If you die without a will, the laws of your state will decide how your estate is divided up. Typically, this means your estate will be divided up among your closest surviving family members according to a formula, and none of your estate will go to Mount Holyoke or any other charity. If you wish to have a say in how your estate is distributed, you must have a will. We encourage you to work with an experienced attorney to create a will that accomplishes your goals for your estate.

It is very important that your bequest be accurately and clearly described in your estate plan so that the College can carry out your wishes as you intended. We are pleased to consult with you regarding the terms of your bequest to ensure that the College will be able to carry out your intentions. In order to avoid any confusion that your bequest is intended for Mount Holyoke, be sure to include the College’s full legal name in your bequest.

Legal name:
The Trustees of Mount Holyoke College Tax ID#04-2103578
    
You have complete flexibility to change your bequest at any time.  If circumstances change in a way that makes you want to revise your gift to us, you can.

Bequest Language for Donors

A bequest, or legacy gift, to Mount Holyoke as part of your estate plan provides meaningful support for the College. Since Mount Holyoke’s founding in 1837, thousands of Mount Holyoke alumnae, faculty, and friends have made bequests to the College. Bequests connect to the enduring legacy of the College's mission to educate women at the highest level of academic excellence.

The particular wording for a bequest clause is determined by the type of designation you wish to make. The suggested wording below is for common types of bequest arrangements and reflects Mount Holyoke’s highest priorities. The College encourages you to review the wording with your attorney. Should you wish to explore other designations, please contact the Office of Gift Planning at 800-642-4483.

Unrestricted Bequest - Allows the College the Most Flexibility

“I give to THE TRUSTEES OF MOUNT HOLYOKE COLLEGE1 in South Hadley, Massachusetts, (___% of my residuary estate) or (all of my residuary estate) or (the sum of
$ ) to be used for the benefit of Mount Holyoke College as the Trustees thereof may direct.”

Restricted Bequest

“I give to THE TRUSTEES OF MOUNT HOLYOKE COLLEGE in South Hadley, Massachusetts, (___% of my residuary estate) or (all of my residuary estate) or (the sum of
$ ) to be used for the benefit of Mount Holyoke College, to be used with preference for (insert here how you wish the gift to be used — for example: financial aid, faculty salaries, or a * specific interest).

Bequest to the College Endowment - Use of Income Unrestricted

“I give to THE TRUSTEES OF MOUNT HOLYOKE COLLEGE in South Hadley, Massachusetts, , (___% of my residuary estate) or (all of my residuary estate) or (the sum of
$ ) to be added to the endowment of the College and invested under the direction of the Trustees, the income only to be used for the College's general purposes.”

Bequest to specific College Endowment - Use of Income Restricted

“I give to THE TRUSTEES OF MOUNT HOLYOKE COLLEGE in South Hadley, Massachusetts, (___% of my residuary estate) or (all of my residuary estate) or (the sum of
$ ) to be added to the endowment of the College and invested under the direction of the Trustees, with preference that the income only be used . . .”
(Financial Aid) “. . . to provide financial aid for students attending Mount Holyoke College. The conditions of awarding such aid shall be determined by the Trustees of the College."
(Faculty Compensation) ". . . for support of faculty compensation at Mount Holyoke College."
(* Specific Academic Discipline) ". . . for support of the study of (e.g. English, Economics, Mathematics, etc.) at Mount Holyoke College.

Bequest for a Named Endowed Fund - Use of Income Restricted –$100,000 minimum

"I give to THE TRUSTEES OF MOUNT HOLYOKE COLLEGE in South Hadley, Massachusetts, (___% of my residuary estate) or (all of my residuary estate) or (the sum of
$ ) for an endowed fund to be known as the "[Insert Name of Fund]", the income only to be used with preference (insert here how you wish the gift to be used — for example: financial aid, faculty salaries, or a * specific interest). Should the gift fall short of the amount required to establish an endowment, the funds shall be used in entirety for the same purpose as stated.

Contingent Bequest for Mount Holyoke

When naming Mount Holyoke as a contingent beneficiary, it is possible to make testamentary gifts to one or more individuals with the assurance that if any of the named individuals predecease you, the bequest will come to Mount Holyoke College.

"If any of the above-named beneficiaries should predecease me, I devise and bequeath to THE TRUSTEES OF MOUNT HOLYOKE COLLEGE in South Hadley, Massachusetts, all the property, real or personal, that said beneficiary or beneficiaries would have received had they survived me."

Codicil to Existing Will

You can also make a gift to Mount Holyoke College by having your attorney draw a Codicil to your existing will using the legal language as given above.

Bequest to Establish Life Income Gifts to Benefit an Heir

You can make a testamentary transfer of assets to a charitable trust which will provide lifetime income to your heirs for their lifetime or a term of years – then leave a gift to Mount Holyoke. Your estate can receive a tax deduction. If you are interested in this estate planning option, please contact the Office of Gift Planning.

Download a PDF on Bequest Language.

Tax benefits

When your bequest is realized (at death) your estate will receive an estate tax deduction for the full value of your bequest in the year it is made.  Depending on a variety of factors, including the size of your estate and estate tax laws at the state and federal level, at the time your estate is settled, this deduction may or may not save your estate substantial estate taxes.   

Bequest alternatives
In In addition to adding bequest language to your will, there are a few other simple ways for you to make a bequest to Mount Holyoke:

  • Make Mount Holyoke a designated beneficiary of a life insurance policy.
  • Make Mount Holyoke a designated beneficiary of a retirement plan. 

A gift of retirement assets has the added advantage of being among the most tax-wise ways to make an estate gift.
Click here for more information. 

  • Make Mount Holyoke a designated beneficiary of savings bonds.
  • Instruct your bank to "pay on death" to Mount Holyoke some or all of a specific bank account.
  • Instruct your brokerage firm to "transfer on death" to Mount Holyoke some or all of a specific brokerage account.

Please let us know if you have included Mount Holyoke in your estate plans.  We welcome the opportunity to thank you for your thoughtful gift and include you as a member of the Mary Lyon Society

Alumnae preparing for their 50th - 75th reunion are able to have their bequests included in class totals at reunion. For more information, click here.

 

 

Example

Catherine '70, a widow, has supported Mount Holyoke for many years. Catherine is in good health now and does not want to be a financial burden to her children should she require expensive health care in the future.

Mount Holyoke is one of two charities to which she has been most dedicated. She would like to make a lasting gift to each of them. After discussing her options with her estate planning advisor, she decides to create a residuary bequest in her will for each of her two favorite charities. Each charity will receive 50% of the remainder of her estate after all other obligations, such as bequests to her children and grandchildren and taxes, have been taken care of.

Benefits

  1. Catherine’s assets will remain available to her should she need them.
  2. The revocable nature of her gift will minimize the possibility that she will ever need financial help from her children.
  3. If her estate is worth what she expects when it is settled, she will be able to provide generous legacy gifts to the two charities that have meant the most to her.