Skip to Content

Bequest Language

You can include the University of Tennessee Foundation, Inc. [Federal Tax ID # 62-1844686] in your will or living trust. If you already have a current will, a simple codicil may be added to include the University of Tennessee Foundation, Inc. (UTFI). The following sample language may be helpful for your attorney in drafting will provisions. Since the UTFI raises monies for various campuses, colleges, programs and institutes it is important for you to designate which campus, college, program and/or institute you wish to benefit from your bequest. The UTFI is an independent not-for profit created in 2001 to support the University of Tennessee's educational, research and public activities. The UTFI is a 501c(3) and is the preferred channel for all gifts to the University of Tennessee.

I give to the University of Tennessee Foundation, Inc. [Federal Tax ID # 62-1844686] for the benefit of the University of Tennessee, ________________ (campus: Knoxville, Chattanooga, Martin, Health Science Center, Institute of Agriculture, Space Institute, Institute for Public Service) __________________________________ (percent of my estate, dollars, property, securities, rest, residue or remainder of my estate) to be used by _______________________________ (college, department, program, etc.) to be used for ________________________________________ (however you wish your gift to be used or you may just stipulate "greatest need").

If you would like to create a permanent named endowment ($25,000 minimum to establish an endowment) with a portion of the annual income designated for a particular purpose, you can express you wishes this way:

I give to the University of Tennessee Foundation, Inc. [Federal Tax ID 62-1844686] ___________________ (percent of my estate, dollars, property, securities, rest, residue or remainder of my estate) to establish the ________________________________ (the name you wish the endowment to bear) Endowment for the benefit of the University of Tennessee, _____________ (campus: Knoxville, Chattanooga, Martin, Health Science Center, Institute of Agriculture, Space Institute, Institute for Public Service). The fund income, but not the principal, should be used by _______________________________ (college, department, program, etc.) to be used for_______________________________. The Foundation shall have the authority and discretion to invest and reinvest such fund in accordance with policies established by its Board of Directors. The portion of the fund's value spendable annually for the designated purpose is also to be determined, from time to time, by the Board of Directors. If at any time in the future the need does not exist for the fund or should this conflict with any Federal, State or Local laws, statutes, regulations, or ordinances, the governing body of the Foundation shall have the authority to select an appropriate use for this fund that closely approximates my original intent. If, when the bequest is received, the gift or gifts to this fund fail to reach the minimum endowment level, the Foundation's Board of Directors will select an alternate use or combine this gift with other funds for similar purposes, keeping in mind my original intent.

It is always a good idea to share your plans with a member of our planned giving team in order that we may be certain that the language used will accurately carry out your wishes. You may email us at plannedgiving@tennessee.edu">plannedgiving@tennessee.edu. Thank you.

eBrochure Request Form

Please provide the following information to view the brochure.

A charitable bequest is one or two sentences in your will or living trust that leave to The University Of Tennessee a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I, [name], of [city, state, ZIP], give, devise and bequeath to The University Of Tennessee [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to UT or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to UT as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to UT as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and UT where you agree to make a gift to UT and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.