GHC Foundation - Bequests
A bequest is a gift from your estate - a transfer of cash, securities, or other property made through your estate plans. You can make a bequest to the Grays Harbor College Foundation by including language in your will or living trust leaving a portion or all of your estate to the Foundation.
Remembering Grays Harbor College with a bequest from your estate will help sustain and strengthen the college in years to come. Some of the advantages of creating a bequest include:
- A bequest costs nothing now, yet gives you the satisfaction of knowing you have provided for the Grays Harbor College Foundation in the future
- You retain control of and use of your assets during your lifetime
- You may modify your bequest if your circumstances change
- Gifts to the Grays Harbor College Foundation from your estate are exempt from federal estate taxes
Making a Bequest
A bequest to the Grays Harbor College Foundation can be made for a specific amount, for a percentage of your estate, or for all or a portion of what is left after you have made bequests to your family. To make a gift to the Foundation from your estate, you must sign a new will or living trust instrument, add a codicil to your present will, or make an amendment to your present trust instrument.
Alternatively, you can designate the Foundation as a beneficiary of a retirement plan or life insurance policy. To do so, contact the retirement plan administrator or life insurance company and complete the appropriate beneficiary designation form.
To assist you in preparing your bequest, we have provided sample bequest language.
Planning Your Bequest
When planning for a bequest, you will need to consider how you would like your gift to be used to benefit Grays Harbor College—whether unrestricted in purpose or restricted to a specific scholarship, program or purpose, and whether you would like it to be an expendable fund (to be spent when received) or an endowed fund (to last in perpetuity).
- An unrestricted bequest allows the Foundation to determine how to use the funds based on most pressing needs. Unrestricted bequests are extremely valuable because the Foundation can use them to flexibly meet its future needs.
- A restricted bequest directs assets to a specific fund or particular purpose, such as a scholarship.
- Non-endowed funds are used in their entirety, generally within a relatively short period. Some larger expendable gifts are used over longer periods.
- Endowed funds provide income every year in perpetuity to carry out the designated purpose of the fund. Note that endowed funds have minimum required amounts. Please contact us if you are considering a bequest to establish an endowed fund.
Creating a Lasting Legacy
Endowed funds may be established by bequest for many purposes. Some possibilities include:
- Scholarships
- Support of College programs, such as those in the arts, athletics, and the trades
A fund created by your bequest can carry your name, the name of a family member or other person you wish to honor. Named funds, because of the support they offer to programs and people, are a way to share what is meaningful to you within the community well into the future.
Let Us Thank You
If you have included the Grays Harbor College Foundation in your will or living trust, please let us know. We would like to thank you for your generosity, make sure the purpose of your gift is understood by the Foundation, and recognize you as a valued donor.
How Can We Help?
If you have questions about establishing a bequest to benefit the Grays Harbor College Foundation, please do not hesitate to contact us.