Make a charitable gift to benefit WSU with options that avoid probate

Mike Lamb

Mike Lamb, WSU Foundation  vice president for planned giving

By Mike Lamb ’80, EMBA, CFRE
WSU Foundation vice president
for planned giving

   Probate is the important legal process that resolves debts and distributes assets after a person dies. For some assets, it may be possible to transfer asset ownership at death without going through the probate process. As the probate process may take many months and involve fees to the executor and/or attorney, payable-on-death and transfer-on-death options may be attractive to some donors who wish to support the future of WSU.

Payable-on-Death Bank Account
   Designation of the Wichita State University Foundation as the beneficiary of a payable-on-death bank account (including a Certificate of Deposit) requires only the completion of a simple form available from your financial institution. This free and revocable designation allows you to remain in full control of the account throughout your lifetime. At your death, the account passes without probate to the WSU Foundation to benefit the program of your choice.

Transfer-on-Death Securities Registration
   As with the payable-on-death option above, the transfer-on-death registration of stock or bond fund accounts can direct these assets to the WSU Foundation at your death. This option is available in all states, except Texas and Louisiana. When registered this way, the securities will reflect you as owner with the WSU Foundation as T.O.D.

Transfer-on-Death Real Estate Deeds
  In 17 states, including Kansas, you can prepare a transfer-on-death deed on your home, farm or other real estate that will transfer the property to the WSU Foundation at your death. Transfer-on-death deeds must be prepared, signed, notarized and recorded just like a regular deed. The transfer-on-death deed may be revoked and does not take effect until your death. Transfer-on-death deeds are recognized in Arkansas, Arizona, Colorado, Hawaii, Illinois, Indiana, Kansas, Minnesota, Missouri, Montana, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon and Wisconsin.

   Note that a surviving spouse may have rights which supersede payable-on-death and transfer-on-death arrangements. As with all planning decisions, please consult with your professional advisors for counsel regarding your specific situation. This information is educational only and is not intended as legal or tax advice.

   All of these options allow for the transfer of assets directly to the WSU Foundation, bypassing the probate process. The proceeds of your gift will be used to benefit the WSU program of your choice. For this reason, if you decide to pursue a payable-on-death or transfer-on-death option, please advise staff in the planned giving office of the WSU Foundation. We can assist in helping to define the purpose of your future gift.

   For more information, please contact me at (316) 978-3804 or mike.lamb@wichita.edu or visit our planned giving website at www.wichita.edu/plannedgiving.

 
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Wichita State University Foundation


1845 Fairmount St., Wichita, KS 67260-0002
Phone: 316-978-3040 | Fax: 316-978-3277 foundation@wichita.edu

© 2014 Wichita State University Foundation

Wichita State University Foundation is a non-profit 501(c)(3) organization and donations are tax-deductible to the full extent allowed by law.