For the most part, people in Lee County understand the importance of creating an estate plan, including a will. While people often utilize estate planning and creation of a will for protecting their family and assets after their death, some people also choose to give gifts to institutions or organizations they were involved with or that impacted them in some way or to establish foundations or trusts for charity work.
The will administration for a chemistry professor at Wichita State University who recently passed away will reportedly include giving the university a gift of $2.2 million. According to reports, the money is to be given to the chemistry department. It was not indicated whether the man indicated how he wanted the funds to be used, or if WSU decided how to allocate them. Approximately $1 million is to be used to establish a distinguished professorship position, for a scientist that will conduct research and teach at the university. The remainder will be used to create undergraduate scholarships and graduate student fellowships.
It was not reported whether the man’s generous gift to the university was the extent of his will, or if he also left assets or property to family members or friends. His wife, it was reported, passed away before him.
Regardless of whether you want to ensure your family is taken care of after your death or make some sort of charitable contribution, such as the gift left to WSU by the professor, it may be of benefit to consult with an experienced attorney. A lawyer can explain your options and help you to create an estate plan and will that fit your needs and wants.
Source: Kansas City Star, “Professor leaves $2.2 million to WSU chemistry department,” Amy Renee Leiker, Nov. 3, 2013