Estate Giving Language

Sample Estate Gift Language

Estate gifts play a critical role in ensuring excellence at the University of Illinois (the “University”) for generations to come. The University, in partnership with the University of Illinois Foundation (“UIF”), seeks to ensure that your estate planning documentation’s language accurately and appropriately reflects your philanthropic intentions in ways that everyone is confident can be achieved. In an effort to provide guidance to you and your professional advisors, below please find our recommended language that should be included in your estate planning documentation depending upon your chosen giving vehicle.

Beneficiary Designation Form Language

Use the following language on beneficiary designation forms for life insurance policies, retirement plan accounts - IRAs, 401(k) plans, 403(b) plans, etc. - and any payable on death (POD)/transfer on death (TOD) forms with bank or brokerage accounts:

University of Illinois Foundation FBO University of Illinois [Chicago/Springfield/Urbana-Champaign] [optional—program/department/college]

Tax ID 37-6006007
Attn: Gift Planning and Trust Services
303 St. Mary’s Road, MC-386
Champaign, IL 61820

Bequest Language

General Language

Use the following language to provide a bequest through your will or trust to benefit the University:

I leave [$x/x%/# of shares/residue] to the University of Illinois Foundation, a not-for-profit corporation (Tax ID 37-6006007) located in the State of Illinois, to support the University of Illinois [Chicago/Springfield/Urbana-Champaign] [optional – program/department/college].

Language to Use for an Endowed Fund Established through a Separate Fund Agreement

Many donors find that executing a fund agreement allows them to better articulate their philanthropic intent to create an endowed fund. In executing an agreement, you not only ensure your intentions are clearly specified, but you also allow UIF and the University to confirm they can fulfill your intentions via a mutually-agreed-upon document. Fund agreements can also: (1) serve to name an endowed fund for yourself or someone you wish to honor, and (2) be personalized to include a brief biography and/or your motivations for leaving a legacy.

Contact us to initiate the fund agreement process and then, after your fund agreement is fully executed, use the following language in your will or trust to direct a gift for use as specified in your agreement:

I leave [$x/x%/# of shares/residue] to the University of Illinois Foundation, a not-for-profit corporation (Tax ID 37-6006007) located in the State of Illinois, to the [Fund Name] pursuant to the agreement executed by me and the University of Illinois Foundation. If no such document exists, this bequest should support [student scholarships/faculty research/facilities] at the University of Illinois [Chicago/Springfield/Urbana-Champaign].

Language to Use for an Endowed Fund without a Separate Fund Agreement

Some donors and their advisers choose not to execute a fund agreement with UIF, instead stipulating all the terms for their newly-created endowed fund in their estate planning documentation itself. While UIF prefers all endowed funds have a governing fund agreement on file, we can work with you and your attorney to establish an endowed fund with appropriate language in your estate planning documentation. The following language should be used in your will or trust to direct a gift for use as specified in an endowed fund created through your estate plan:

I leave [$x/x%/# of shares/residue] to the University of Illinois Foundation, a not-for-profit corporation (Tax ID 37-6006007) located in the State of Illinois, to establish the [Fund Name]. The principal of this Fund shall be invested as part of the University of Illinois Foundation’s permanent endowment and in accordance with its policies. The endowment distribution therefrom is to be used by the University of Illinois Foundation to support the University of Illinois [Chicago/Springfield/Urbana-Champaign].

Customized Language

UIF’s Office of Gift Planning and Trust Services (“GPTS”) is also happy to draft custom beneficiary designation or bequest language specific to your intended gift.

Moving Forward

We strongly encourage you to contact your advancement contact or GPTS if you need custom language, plan to make an estate gift to UIF for the benefit of the University, or already have in place an estate gift to UIF for the benefit of the University. Thank you for your consideration and generosity. Please direct any questions to your advancement contact or:

Office of Gift Planning and Trust Services
University of Illinois Foundation
Philanthropy Center
303 St. Mary’s Road, MC-386
Champaign, IL 61820
217.244.0473
GPinfo@uif.uillinois.edu

The University of Illinois Foundation does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

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