Make a Gift in 3 Easy Steps

Beneficiary Designations Are Easy and Flexible

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Download our FREE guide Beneficiary Designations: The 3 Easiest Ways to Leave Your Legacy.

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Not everyone wants to commit to making a gift in their will or estate. Some prefer the increased flexibility that a beneficiary designation provides by using: 

  • IRAs and retirement plans
  • Life insurance policies
  • Commercial annuities

It only takes three, simple steps to make this type of gift. Here's how to name Bates as a beneficiary:

  1. Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
  2. Decide what percentage (1 to 100) you would like Bates to receive and name the college, along with the percentage you chose, on the beneficiary form.
  3. Return the completed form to your plan administrator, insurance company, bank, or financial institution.

How It Works

Older couple smilingRobert and Carol treasure the financial help they've been able to give their children and Bates over the years. Now that their kids are grown, Robert and Carol changed their estate plan so it could work harder for the people and causes they love. The couple updated their will to leave stocks and real estate to their kids. And they left Bates a $20,000 IRA to be transferred after their death. Because Bates is tax-exempt, all $20,000 will help support our mission.

If Robert and Carol had left the IRA to their children, approximately $6,600* would have gone to pay federal income taxes—leaving only $13,400 for their family's use. Robert and Carol are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.

*Based on an assumption of a 33 percent marginal income tax bracket.

See How It Works

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Next Steps

  1. Contact the Office of Gift Planning at (207) 786-6246 or Toll-free: (800) 762-3145 or giftplanning@bates.edu for additional information on beneficiary designations and how they can help support Bates.
  2. Talk to your financial or legal advisor to learn which assets will or will not trigger taxable income when paid to a beneficiary.
  3. If you name Bates in your plans, please use our legal name and federal tax ID.

Legal Name: President and Trustees of Bates College
Address: 2 Andrews Road, Lewiston, ME 04240
Federal Tax ID Number: #01-0211781