Living Trust

A living trust allows you to retain control over property now and minimize the expense and delays of the probate process after your death. Living trusts may be changed or revoked during your lifetime.

A living trust is similar to a will in that you specify what is to happen to your property after your lifetime. However, property held in a living trust need not pass through the probate process. A gift to Gettysburg College in your trust ensures that your wishes will be carried out in a timely and efficient manner.

Living trusts do not eliminate gift, inheritance, or estate taxes. All property you own at your death will be included in your estate for tax purposes. However, charitable provisions in the trust will be deductible. A few of the benefits: You may choose to make a gift of a specific sum of money a percentage of trust assets specific property or all or a portion of the residue after providing for family and friends. An unlimited amount of property can distributed to charity and deducted from inheritance and estate tax Assets can transfer from the trust without the delays of the probate process

Sample Language

The following are provided for draft purposes only. Always consult an attorney when drafting a living trust.

Unrestricted Trust Distribution:

The simplest way to include the College in your trust, and the most flexible gift for the College to receive, is an unrestricted distribution.

I give ____________________ Dollars ($_____) [or _____%; or all the residue of my estate, over which I shall have any power of appointment at my passing] to GETTYSBURG COLLEGE, Gettysburg, Pennsylvania, to be used for its general purposes.

Restricted Trust Distribution

Although unrestricted gifts are the most flexible way to benefit the College, alumni and friends may wish their gifts to be used for more specific purposes. The following is an example of how this can be done.

I give ____________________ Dollars ($_____) [or _____%; or all the remaining trust assets, over which I shall have any power of appointment at my passing] to GETTYSBURG COLLEGE, Gettysburg, Pennsylvania, (to establish, if funds are sufficient) or (to be placed in) the ______________________________________________ Fund.