How to remember the work of UT IPS in your will
If you are like many of us, you hold the work of IPS close to your heart and want to keep helping our mission for years to come. You can help shape the future of Tennessee by including a gift to IPS in your will. This type of gift is perfect for those who love our work and customers but need the flexibility to change their minds at any time and keep their current assets intact.
A gift in your will can take many forms. Make these decisions before asking your estate-planning attorney to add the legal language to your will or through direction in your deferred compensation or insurance account.
Choose what to give.
- A general gift gives us a stated sum of money. If there is insufficient cash in your estate to cover the gift, other assets are sold for cash to pay the stated amount.
- A residuary gift gives the "rest, residue, and remainder" of your estate or, more commonly, a percentage of the residue after all other gifts, debts, and taxes have been paid.
- A contingent gift gives funds to a family member provided that person survives you; if not, the funds would then go to IPS.
- A specific gift gives us a particular piece of property. If you dispose of the property before your death, we cannot claim any other property.
Decide how you would like UTIPS to use your gift.
Choose from one of these three options.
- An unrestricted gift allows us to use the assets in the most beneficial way.
- A restricted gift allows you to specify how we are to use the funds. Specific instructions can include use of the gift for a specific agency or program of IPS. Contact us in advance to be certain your intent can be fulfilled.
- An endowed gift allows you to restrict the principal of your gift so we can use only a small portion each year, allowing the fund to last forever.
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