Questions and Answers About Estate Commitments That Benefit Haverford College
The generosity and thoughtfulness of alumni, parents, and friends who have included Haverford in their estate plans help ensure that the College remains at the forefront of liberal arts education. Thank you for including Haverford in your estate plan.
What is an estate commitment?
An estate commitment is a gift that may come from a will, trust, DAF, retirement plan, life insurance policy, or commercial annuity, wherein you designate the College to receive the remainder. Other gifts to be realized in the future may also qualify, and we welcome your questions about them.
My estate gift to Haverford will only become effective if my spouse/partner predeceases me. Can I still be given credit for my gift?
Yes, if your surviving spouse or partner also includes a provision for Haverford in his or her estate plan. He or she should join you in signing the Estate Commitment.
What about friends or other members of my family?
We cannot count estate commitments contingent upon any other family member or individual predeceasing you.
How do I determine the amount of my estate commitment?
If you note a specific dollar amount and share that with the College, that amount will represent your estate commitment. If you are leaving a percentage of your residuary estate or assets in a retirement plan, Haverford will accept your good faith estimate of what you believe the College will ultimately receive.
May I designate my estate commitment to a specific program or initiative?
Unrestricted estate commitments allow the College to use your gift where Haverford's need is greatest. However, you may designate your estate commitment to a specific purpose. You may also add it to an existing endowed fund. If you choose to restrict your estate commitment, please contact the Office of Gift Planning (see contact information below), which will help to ensure that your wishes are honored.
What happens if my estate cannot fulfill my estate commitment?
Your estate commitment is not legally binding. There would be no obligation on your estate.
Can I make my gift legally binding?
Yes, if you choose. To do so, please request an Estate Note form from the Gift Planning Office.
What happens if I change my estate plan?
We understand that your plans may change in the future. If you make changes that affect your estate commitment, please inform us in writing so that we can update our records.
The Gift Planning Office welcomes the opportunity to answer questions about an estate commitment you may be considering. Contact Olga Briker, Ph.D. at 610-795-6079 or email@example.com for more information.