Naming Dartmouth in an Estate Plan
There are many ways to give to Dartmouth through your estate plan. You can name Dartmouth in a will, trust, or as a designated beneficiary of a qualified retirement plan, IRA, life insurance policy, charitable trust, or many other assets.
The necessary language to make a planned gift to Dartmouth can be simple, and you can see several examples here.
Key information:
- When drafting language to benefit the College or its professional schools, the legal beneficiary should be referred to as Trustees of Dartmouth College.
- Distributions should be sent to: Gift Planning Office, Dartmouth College, 6066 Development Office, Hanover, NH 03755-3555.
- Dartmouth’s Tax Identification number is 02-0222111.
Naming Dartmouth as a designated beneficiary
Many assets may pass to heirs via the use of a “beneficiary designation” or one of its close cousins: the “transfer on death” (TOD) or “payable on death” (POD). Retirement plan assets as well as most IRA assets can be heavily taxed upon distribution to living heirs. Estate and income taxes can consume a large percentage of these tax-deferred accounts as well as investment/brokerage accounts, and even life insurance policy benefits if owned by the insured.
Assets transferable via a beneficiary designation include:
- An individual retirement account (IRA)
- A qualified retirement plan such as a 401(k) or 403(b)
- A life insurance policy
- An annuity contract
- A brokerage or investment account
- …and many more.
Naming the Trustees of Dartmouth College as a primary beneficiary of any of these assets ensures the full amount received can be designated to support Dartmouth, free of taxes.
Naming Dartmouth in a will or trust
For an unrestricted bequest:
In a will:
I hereby give, devise and bequeath to the Trustees of Dartmouth College _____ dollars ($_____), or _____ percent (_____ %) of my (residuary) estate, to be used for the benefit of Dartmouth College as the Trustees thereof may direct.
In a trust:
The Trustee(s) shall distribute to the Trustees of Dartmouth College _____ dollars ($_____), or _____ percent (_____ %) of (Trust name) assets, to be used for the benefit of Dartmouth College as the Trustees thereof may direct.
For a restricted use bequest:
In a will:
I hereby give, devise and bequeath to the Trustees of Dartmouth College _____ dollars ($_____), or _____ percent (_____ %) of my (residuary) estate, to be used for the benefit of (Professional School, i.e., Geisel School of Medicine, or Program i.e., Friends of Rowing) at Dartmouth College. If at some time in the future this purpose no longer exists, the Trustees may use the funds for any purpose which, in their opinion, most nearly approximates the Donor’s stated purpose.
In a trust:
The Trustee(s) shall distribute to the Trustees of Dartmouth College _____ dollars ($_____), or _____ percent (_____ %) of (Trust name) assets, to be used for the benefit of (Professional School, i.e., Geisel School of Medicine, or Program i.e., Friends of Rowing) at Dartmouth College. If, at the time of distribution, the purpose above no longer exists, I hearby direct my Trustee(s) to distribute the funds to the Trustees of Dartmouth College for any purpose which, in their opinion, most nearly approximates the original stated purpose.
For an existing permanent fund:
In a will:
I hereby give, devise and bequeath to the Trustees of Dartmouth College _____ dollars ($_____), or _____ percent (_____%) of my (residuary) estate, to be added to the _______________ Fund (hereafter the “Fund”), subject to the terms in a Statement of Understanding on file with the College. If said Fund no longer exists, the Trustees may use the funds for any purpose which, in their opinion, most nearly approximates the Fund’s intended purpose.
In a trust:
The Trustee(s) shall distribute to the Trustees of Dartmouth College _____ dollars ($_____), or _____ percent (_____ %) of (Trust name) assets, to be added to the _______________ Fund (hereafter the “Fund”), subject to the terms in a Statement of Understanding on file with the College. If, at the time of distribution, the Fund above no longer exists, I hearby direct my Trustee(s) to distribute the funds to the Trustees of Dartmouth College for any purpose which, in their opinion, most nearly approximates the Fund’s intended purpose.
For a new unrestricted permanent fund:
In a will:
I hereby give, devise and bequeath to the Trustees of Dartmouth College _____ dollars ($_____), or _____ percent (_____%) of my (residuary) estate, to constitute a true endowment fund to be known as the _______________ Fund, such fund to be kept invested by the Trustees of Dartmouth College, the annual income there from, as determined by the College’s spending formula, to be used for the benefit of the College in such manner as the Trustees may direct. This Fund, for the purposes of investment, may be combined with other funds of Dartmouth College.
In a trust:
The Trustee(s) shall distribute to the Trustees of Dartmouth College _____ dollars ($_____), or _____ percent (_____ %) of (Trust name) assets, to constitute a true endowment fund to be known as the _______________ Fund, such fund to be kept invested by the Trustees of Dartmouth College, the annual income there from, as determined by the College’s spending formula, to be used for the benefit of the College in such manner as the Trustees may direct. This Fund, for the purposes of investment, may be combined with other funds of Dartmouth College.
For a new restricted permanent fund:
Dartmouth encourages donors who are considering a restricted bequest to speak with a member of the Planned Giving staff about appropriate language and minimum funding thresholds. For assistance drafting bequest provisions or further guidance regarding restricted bequests, bequests of retirement plan assets, or testamentary planned gifts, contact the Gift Planning Office at 800-451-4067 or gift.planning@dartmouth.edu.
You should also consult with your legal and tax advisors. Dartmouth’s Gift Planning staff would be happy to speak with your advisors as well.