Ask the Expert — Rachel Dorman

Ask the Expert

filtered photo of walkway on UF campus
Hannah Pietrick/UF Photography

Rachel Dorman ’10, MS’12 on deferred giving

What is a bequest?
A bequest is a deferred revocable gift typically given through a will or living trust.

How does a bequest differ from other gifts to the college?
Like immediate cash gifts, bequests can be made today. However, the college will not receive the funding until the donor passes.

How are bequests made?
If you know you would like to include the University of Florida College of Liberal Arts and Sciences in your estate plans, there are three main ways to accomplish this within a will or living trust. You can state a set dollar amount, name a percentage or residue of your estate, or name a specific item of property (such as jewelry or real estate) in your estate plans. You can also name UF as a beneficiary on your retirement plan, bank account, brokerage account, or life insurance policy. This can easily be accomplished through a change of beneficiary form with your account administrator, without changing your will or trust.

What is the benefit of establishing a bequest?
A bequest is a wonderful way to create a lasting legacy at the University of Florida College of Liberal Arts and Sciences. Through estate planning, individuals often make the largest and most impactful philanthropic contribution of their lifetime. These types of gifts can truly be transformative. There can also be tax advantages for the donor and their heirs.

How can my gift best benefit UF?
A bequest might not be received by UF for many years — so there’s a delay in funding the gifted purpose. As a result, restrictions placed on the usage of your gift should be as minimal as possible, providing UF with maximum flexibility, as priorities and programs change over time. The College of Liberal Arts and Sciences Development and Alumni Affairs team can work with you to find gift proposals that meet your philanthropic goals.

Rachel Dorman ’10, MS’12 is associate director of development and can be reached at via email. For suggested bequest language, visit the the UF Foundation website or call UF’s Office of Gift Planning at 866-317-4143.