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How to craft an estate gift for The University of Texas at Austin

Your will or living trust is a legal document that should be drafted or amended with the help of an attorney. The UT Austin Gift and Estate Planning staff welcomes the opportunity to work with you and your attorney to craft a gift strategy that will fit your situation and achieve your desired impact at The University of Texas at Austin. Various types of bequests can benefit your favorite University program, department, or college. Alternatively, you may choose to provide a bequest for undesignated support. Such gifts, directed to the University’s area of greatest need, have an impact that is truly campus-wide. Establishing an endowment through an estate gift ensures that your gift will continue to make a difference for generations to come. The University holds these funds permanently and uses investment income to support the programs or purposes you select. Once you determine which area of UT Austin you wish to support through deferred giving, please make sure that all correspondence, legal documents, and distributions use the full legal corporate title: Board of Regents of The University of Texas System for the benefit of The University of Texas at Austin. The tax ID number is 74-6000203. This is important because all deferred gifts to The University of Texas at Austin are accepted, processed, and administered through the UT System’s Office of Development and Gift Planning Services.

Suggested language for an estate gift

Please refer to the following examples as you work with your legal counsel to create an estate gift that accomplishes your philanthropic goals.

Beneficiary designation gifts

The simplest way to leave the balance of a retirement account and/or life insurance policy to The University of Texas at Austin after your lifetime is to name the University as the beneficiary of the account. You must complete the beneficiary designation form provided by your plan administrator. Never make a beneficiary change, however, before discussing your wishes with your professional adviser. This is a revocable designation, which can be changed at any time. When The University of Texas at Austin or any other charitable organization is named as the beneficiary of an IRA or other pension asset, at the death of the IRA or pension plan participant, both income taxes and estate taxes are avoided, and the full amount of the remaining assets is distributed to the designated organization(s) for the purpose you designate. Once you have completed the necessary paperwork with your plan administrator, please complete and mail the Estate Intention Letter to inform us of your plans and qualify for membership in the Texas Leadership Society.

Sample estate intention letters

To document your estate gift, please sign and return the following intention letter to our office. Estate Gift Intention Letter

For more information

Our Gift and Estate Planning team will be pleased to work with you and your attorney to craft the language for an estate gift that fits your needs and interests. For more information contact: Phone: 512-475-9671 Toll-free: 866-4UTEXAS (866-488-3927) Fax: 512-471-3439 E-mail: giving@www.utexas.edu The University of Texas at Austin Office of Gift and Estate Planning P.O. Box 7458 Austin, Texas 78713-7458 Tax ID: 74-6000203