Gifts That Cost You Nothing Now - University of Texas Austin

Gifts That Cost You Nothing Now

Gifts in a will or by beneficiary designation are two easy ways to open a door to the Forty Acres for deserving students for years to come — and they don’t cost anything now.

If you have already included a gift in your estate plans to create an endowed scholarship, be sure to let us know so that we may best honor your wishes.

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Gifts in a Will

Making a legacy gift in your will or trust is one of the easiest and most popular ways to create an endowed scholarship for The University of Texas at Austin. By simply signing your name, you can make a bigger impact than you ever thought possible in the lives of the students we serve.

Once you have provided for your loved ones, we hope you will consider making educational access and excellence part of your life story by creating an endowed scholarship in your estate plans. If you have taken this step, be sure to let us know so that we may best honor your wishes.

Benefits to you

A gift in your will is one of the easiest ways to create your legacy and offers the following benefits:
 

  • NO COST: Costs you nothing now to give in this way.
  • FLEXIBLE: You can alter your gift or change you mind at any time and for any reason.
  • LASTING IMPACT: Your gift will create your legacy at UT, transforming the lives of students for generations to come.

Four simple, “no-cost-now” ways to give in your will

General gift
Leaves a gift of a stated sum of money to Board of Regents of The University of Texas System for the benefit of The University of Texas at Austin in your will or living trust. 

View Sample Language for Will or Trust

Residual gift

Leaves what is left over after all other debts, taxes, and other expenses have been paid.

Specific gift

Leaves a specific dollar amount, percentage, fraction, or specific items (collections, art, books, jewelry, etc.).

Contingent gift

Leaves a stated amount or share only if a spouse, family member or other heir/beneficiary does not live longer than you. In other words, your gift is contingent upon whether or not they survive after you.

NOTE: You can mix these no-cost ways together. For example, you might consider leaving a specific percentage (such as 50%) of the residual to The University of Texas at Austin contingent upon the survival of your spouse.

Gifts by Beneficiary Designation

It’s easy to put your bank accounts, retirement funds, savings bonds, and more to use in establishing your endowed scholarship — and it costs you nothing now.

By naming The University of Texas at Austin as a beneficiary of these assets, you can make a lasting difference for high-potential students. If you have taken this step, be sure to let us know so that we may best honor your wishes.

Potential benefits to you

  • Reduce or eliminate taxes
  • Reduce or avoid probate fees
  • No cost to you now to give
  • Change lives at UT Austin for generations to come

To name The University of Texas at Austin as a beneficiary of an asset, contact the custodian of that asset to see whether a change of beneficiary form must be completed.

How to change a beneficiary designation:

Login to your account or request a Change of Beneficiary Form from your custodian (the business holding your money or assets).

Follow the links to change your beneficiary or fill out the form.

j

Be sure to spell the name of our organization properly: The University of Texas at Austin

h

Include our tax identification number: 74-6000203

N

Save or submit your information online or return your Change of Beneficiary Form to your custodian.

Types of Gifts

A gift of retirement funds
You can simply name The University of Texas at Austin as a beneficiary of your retirement plan to fund an endowed scholarship. Just be sure to let us know about your gift so that we can ensure to use it in the way you intend. 
A gift of funds remaining in your bank accounts, brokerage accounts or certificate of deposit (CD)
This is one of the easiest gifts to give and one of the most useful in accomplishing your philanthropic goals. The next time you visit your financial institution, you can name The University of Texas at Austin (Tax ID: 74-6000203) as the beneficiary of a checking or savings bank account, a certificate of deposit (CD), or a brokerage account. When you do, you’ll take a powerful step toward providing a world-class education to deserving students for generations to come.
Donor-Advised Fund (DAF) residuals

What remains in a donor-advised fund is governed by the contract you completed when you created your fund. When you name The University of Texas at Austin as a “successor” of your account or a portion of your account value, you can direct that the funds be used to establish an endowed scholarship. As with all legacy gifts, just be sure to let us know about your intentions so that we can ensure we use your gift in the way you would like.

Savings bonds

If you have bonds that have stopped earning interest and you plan to redeem them, you might owe income tax on the appreciation. That could result in your heirs receiving only a fraction of the value of the bonds in which you invested. Since The University of Texas at Austin is a tax-exempt institution, naming us as a beneficiary means that 100% of your gift will go toward student support.

Complimentary Scholarship Planning Resources Are Just a Click Away!

Learn more about creating an endowed scholarship with our free resources.

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