A beneficiary designation is one of the simplest ways to make a gift to Amherst College. It's literally as easy as filling out a form.
You can specify the individuals and charities you want to support and you can also specify the percentage of the assets you want each beneficiary to receive.
Beneficiary designations are available when giving the following assets:
An alternative to a bequest in your will is to designate Amherst College as the beneficiary of your retirement assets. This gift is simple because you can control the transfer of these assets at your death without changing your will or living trust. All you need to do is request (and complete) a new beneficiary designation form from your plan administrator. There is no need to modify your will or living trust.
A gift of retirement assets has the added advantage of being among the most tax-wise ways to make an estate gift. This is because your retirement assets, if left to individuals (other than a spouse), will be subject to income tax in addition to any applicable estate tax. With a gift to a non-profit such as Amherst, 100 percent of the funds are available for its charitable purposes. If you want to remember us in your estate plan, it is often better to leave other types of assets – cash, securities, real estate – to your heirs and give the more heavily taxed retirement asset to Amherst College.
Life Insurance policies can also be used to make a gift to Amherst. Complete and return to the insurance company a form designating that Amherst College receives all or a portion of the death benefit associated with your life insurance policy. As an alternative to naming Amherst as the beneficiary, you can transfer ownership of the policy. Transferring ownership results in income tax savings in the year of the gift.
Commercial Annuity Contracts - a commercial annuity will sometimes have a remaining value at the end of the annuitant’s lifetime. You can name Amherst to receive all or part of this amount by designating it as a beneficiary (sole or partial) on the appropriate form from the insurance company.
Bank Accounts - you can instruct your bank to pay Amherst all or a portion of what remains in a checking or savings account. Your bank can provide you with the appropriate beneficiary designation form, often referred to as a Pay on Death, or P.O.D., designation.
Investment Accounts - you can instruct your investment company to transfer to Amherst some or all investments held in the account at the time of your passing, referred to as a Transfer on Death, or T.O.D., designation. Your broker or agent can let you know the process for doing this – it may be as simple as adding “T.O.D. to Amherst College” after your name on the account.