One of the simplest ways to make a legacy gift to Westover School is with a beneficiary designation for your financial accounts or certain other assets. It’s usually as simple as filling out a form – no need to re-write your will or other estate planning documents. You can name Westover as the sole beneficiary or as one of several, perhaps designating some to Westover and the rest to your family or others.

A beneficiary designation contribution offers significant benefits for you:

  • Flexible: you can change your beneficiary designation at any time
  • Easy to arrange: no need to change your will
  • Tax advantageous: your contribution is not subject to income or estate taxes

Accounts and assets you may consider designating for Westover include:

Bank account: You can instruct your bank to pay all or a portion of what remains in your checking or savings account to Westover. Your bank can provide you with the appropriate forms.

Investment account: You can instruct your investment company to transfer to Westover some or all of the investments held in your account at end of your lifetime. There may be an online form, or your broker or agent can help you with the process.

Retirement accounts: A beneficiary designation contribution from your IRA, 401(k), 403(b), or most other qualified retirement plans can save taxes for your heirs. If you leave your retirement accounts to others, the distributions will be subject to income tax. However, when these accounts pass to Westover there is no income tax. Leaving your retirement account to Westover and reserving other assets for your heirs saves taxes. Your retirement plan administrator can show you how to designate Westover as beneficiary of a percentage of your account or a specific dollar amount.

Life insurance policies: Simply complete and return to your insurance company a form designating that Westover receive all or a portion of your policy’s death benefit.

Thank you considering a legacy gift to Westover. We’d be happy to work with you and your advisors to craft a charitable gift that works for you. To start a conversation please contact Mary T. Risner at 203-577-4541 or mrisner@westoverschool.org.