Typically, you only need to sign a single form in order to create a beneficiary designation. On the form, you name the Virginia Tech Foundation Inc. as the beneficiary. The form is provided by the firm that manages the asset you wish to donate. Should you wish to change your designation, you can do so by signing a new form.
You can name the Virginia Tech Foundation Inc. as a beneficiary of:
- A life insurance policy you own and no longer need for its original purpose.
- Employer-issued life insurance, when you do not need to name a dependent as a beneficiary.
- The excess group term coverage provided by your employer, otherwise taxable to you. (As of this writing, excess coverage is the amount in excess of $50,000.)
- A financial instrument with a pay on death (P.O.D.) provision, such as a certificate of deposit or mutual fund.
- The balance remaining in your donor-advised fund after your lifetime.
- Your IRA, 401(k), 403(b), SEP, or other retirement plan. Learn more about retirement plan gifts.
While no lawyer is required, you are always encouraged to consult with your attorney and any other advisors to ensure your beneficiary designation is consistent with your other plans.
If you or your attorney have questions, or if you wish to use your beneficiary designation to establish an endowment or to support a particular area or initiative at Virginia Tech, please e-mail email@example.com, call 800-533-1144 or 540-231-2813, or contact a development officer for the area you wish to support.