Legacy Society Frequent Asked Questions
Do I have to include my wish to leave a gift to VCSU in my will?
To be certain that VCSU receives the gift, you should state your intentions in your will. Without a will, you lose control over your belongings after your death. Your property and finances are settled according to state laws, whether or not they coincide with family wishes.
Must I have an estate to leave a gift?
An estate is simply a word to describe any property, money, or personal belongings that you may have at the time of your death. Most people leave an estate when they die even though they may not have a great deal of personal wealth. Anyone can arrange to leave a charitable gift from their estate when they pass away.
How do I leave a gift for Valley City State University?
You can arrange for a gift in several ways, the most common is through a will. Many people elect to set aside a certain dollar amount. Others choose to leave a percentage of their estate or any assets left over after their family needs have been provided. Some people elect to give something they may have won, such as a car. Others elect to give real estate, their home, lake cabin, etc. Still others leave a paid up life insurance policy or other financial investments.
Who can help me arrange for a gift?
We suggest that you contact your lawyer, accountant, financial planner and/or your life insurance agent. If you do not have a relationship with a professional, please contact this office and we will give you the names of several well qualified professionals in this area. A professional can tell you the exact tax benefit of planned gifts. You may also wish to contact our organization directly. We have a variety of information available free of charge on planned giving, estate planning, preparing a will, etc.
How do I leave a gift in memory of a person?
A gift is a wonderful way to recognize someone who has made a difference in your life. You may also give to a specific cause such as a new building, an academic area of study, or elect to give the gift to the university to use in the area of greatest need. This type of gift can be arranged in your will in much of the same way that you would leave a personal gift from your estate. You simply need to make it clear that the gift is given in memory of a particular person or a specific cause.
Do I tell VCSU I have a gift?
That is entirely up to you. We would certainly like to know so that we can plan accordingly. It also gives us the opportunity to recognize your generosity while you are living. In addition, your decision to support Valley City State University could serve to encourage others to do the same. Whether you let us know or not is entirely your decision. All of our alumni and friends who are members of our Legacy Society will be listed in recognition programs and the annual donor edition of The Bulletin.
To inform us that you have included us in your will and/or estate plan, simply send us written verification. You may wish to send a copy of the page of your will or estate plan that references the gift to the university.