A charitable bequest to Warren Wilson can take many forms, including outright and contingent bequests, gifts in memory of yourself or a loved one, or various types of trusts that can pay income for a loved one's benefit and leave the remaining principal to charity. A testamentary trust created through your will can take full advantage of estate tax savings. A charitable bequest entitles you to membership in The Bannerman Society, Warren Wilson's recognition society for bequests and planned gifts.
Bequests to Warren Wilson may be either "unrestricted" or "restricted". Warren Wilson can use unrestricted bequests to meet the College's most urgent needs at the time the bequest is received. This allows the College the greatest possible flexibility, and can be made with specific property, a sum of money, or as a percentage of your estate. Here is an example of language you and your attorney might include for an unrestricted bequest to Warren Wilson:
"I hereby give, devise, and bequeath to Warren Wilson College, located in Swannanoa, North Carolina, (the sum of $) OR (___ percent of my estate) OR (specific items of property) OR (the rest, residue, and remainder of my estate). This gift may be used for the further educational objectives of Warren Wilson College in such manner as the Trustees of the College may direct."
When you designate a percentage of the residue of your estate (the part left over after specific bequests are made) you simplify future estate planning. The allocation of fractions of your estate in advance allows for changes in the overall size of your estate without requiring changes to your will should you dispose of some of your property later in your lifetime.
Alternatively, you may prefer to restrict your bequest to support a specific area of Warren Wilson that has special meaning for you, such as scholarships, or a particular academic department or program. As some of the College's needs will change over time, we recommend that a restricted bequest be stated as broadly as possible to allow for changes that cannot be anticipated. You and your attorney may wish to include language such as:
"If, at some future date, the Trustees of Warren Wilson College or their successors determine that the need for funds for the purpose described no longer exists, the Trustees or their successors are authorized to use these funds in the best interest of the College."
Both unrestricted and restricted bequests can also be designated to create permanent endowment funds, which produce income for Warren Wilson to use in perpetuity. To accomplish this, you and your attorney may wish to include the following language:
"The property comprising this gift shall, for investment purposes, be merged with the general endowment funds of Warren Wilson College, to be entered into the College's records as 'The ____ Endowed Fund'. The principal of this fund shall be retained, and the earnings from it used, in accordance with the College's policies for expenditure of endowment income." (if the bequest is restricted, add "for the following purpose.")
We recommend that you obtain the professional counsel of a lawyer who specializes in probate and estate planning. If you're considering a gift to Warren Wilson College, we'll be glad to talk with you and your attorney to design the best plan for your wishes, financial circumstances, and tax concerns.