Wills and Trusts

Although wills can be very complicated, they are simple in the grand spectrum of legal instruments. A will is essentially a legal document that outlines how one’s money, property, or other assets are transferred at death. There are different types of wills, but most wills are referred to as “simple wills.”

What’s in a will?

Wills typically describe to whom assets should be distributed, such as a spouse, sister, brother or grandchild. Beyond this, a will may also provide some specific instructions about dividing up property and to whom. A will oftentimes has specific requests like wanting your ring to go to a friend or having your items donated to a charity. It is easy to make a donation to GCU in your will; simply designate Georgian Court University as a beneficiary for an amount or percentage. This type of gift, offers many benefits.

  • Simplicity—just a few sentences in your will is all you need.
  • Flexibility—because you are not making the gift until after your lifetime.
  • Versatility—you can structure the gift as a specific amount or item.
  • Tax relief —your estate is entitled to a charitable tax deduction.

What is included in a will?

  1. Statement of your last will and testament
  2. Identification of your executor
  3. Guardianship of your minor children, if any

Bequest Language

Here are three ways you can place Georgian Court in your will:

Specific amount:

“I give and bequeath $10,000 to Georgian Court University, a New Jersey not-for-profit corporation located in Lakewood, New Jersey. Federal Tax Identification number: 21-0634981”

Percentage:

“I give and bequeath ___% of all of the rest, residue, and remainder of my estate to Georgian Court University, a New Jersey not-for-profit corporation located in Lakewood, New Jersey. Federal Tax Identification number: 21-0634981.”

Contingent:

“I give and bequeath to my niece, Suzie Smith, $100,000 provided she survives me and, if not, I give and bequeath a like amount to Georgian Court University, a New Jersey not-for-profit corporation located in Lakewood, New Jersey. Federal Tax Identification number: 21-0634981.”

What is a Trust?

The main difference between a trust and a will is that with a trust, your property will not go through probate when you die. With a will the transfer of property takes place at your death and will need to go through the court system (probate) to determine the legalities of the will and the properties being dispersed. When you create a trust, you transfer your properties to it while you are still alive, and it continues through your death.

We would be pleased to assist you at any time with a planned gift from your will or trust. Please contact us at 732.987.2247 or advancement@georgian.edu for more information or to request help in getting started.