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Are you thinking of a way to honor a loved one in a meaningful way? Did your loved one have a special affection for her school or for a particular subject area? Colleges, Universities, High Schools and even Elementary Schools welcome scholarship programs in memory of a loved one. Depending upon the amount involved, it may be as simple as donating a fixed amount as a one-time gift or by making annual gifts to the school. Typically, the school would administer the scholarship program and you can have input in outlining your requirements for the scholarship.
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these gifts are made in one’s Last Will or Trust. You may want to contact the Charity (School) involved as they may have suggested language to be used in your Will or Trust. Many schools will also have a “letter of intent” which spells out in more detail how the funds will be used. The schools are usually pretty flexible as they do not want to lose the opportunity of receiving such a gift.
If you have significant funds involved, you may want to create your own charity, or work with a local community foundation. When naming the charity, make sure you get the name correctly as there are many charities with similar names (and there are often national versus local chapters). It is recommended that you obtain a copy of the §501(c)(3) IRS letter which is proof of the institution’s charitable status and a listing of the Charity’s name.
Talking with the Executive Director of the School in advance of making the gift is always a good idea. She can help you with the proper wording and discuss with you the practical implementation of the scholarship program.
There are so many students in need of financial assistance and your gift can be a most fitting tribute to your love one.