Beneficiary Designation

A beneficiary designation is one of the simplest ways to make a gift to Deerfield Academy. It's literally as easy as filling out a form.  

You can specify the individuals and charities you want to support and you can also specify the percentage of the assets you want each beneficiary to receive.

Beneficiary designations are available when giving the following assets: 

Retirement Assets

Until recently, wills and trusts were the main vehicles for directing assets at your death. Now, however, many people’s tax-deferred retirement accounts actually hold the bulk of their savings. Those assets do NOT pass by will, but instead pay out according to beneficiary designation forms.

You can name Deerfield as a beneficiary of your retirement account(s). Tax-deferred retirement assets carry a heavy income tax burden to your heirs. Non-profits do not pay income taxes, so these assets will go farther if directed to Deerfield and other charitable organizations.

Your retirement asset management company can provide you with a beneficiary designation form on which to list beneficiaries for each account, usually expressed in percentages. When naming a non-profit as a beneficiary, list its Tax I.D. # in the space where you would list an individual beneficiary’s Social Security #. This is a very easy way for young alumni to include Deerfield in their estate plans.

Life Insurance

There are many kinds of life insurance policies, but all share the feature of allowing the policy owner to identify one or more beneficiaries. Frequently, Deerfield alumni designate Deerfield as one of several beneficiaries of their employer-paid term life policy. This is a particularly easy way for young alumni to include Deerfield in their estate plans.

Other Assets

Commercial Annuity Contracts - a commercial annuity will sometimes have a remaining value at the end of the annuitant’s lifetime. You can name Deerfield to receive all or part of this amount by designating it as a beneficiary (sole or partial) on the appropriate form from the insurance company.

Bank Accounts - you can instruct your bank to pay Deerfield all or a portion of what remains in a checking or savings account. Your bank can provide you with the appropriate beneficiary designation form.

Investment Accounts - you can instruct your investment company to transfer to Deerfield some or all investments held in the account at the time of your passing. Your broker or agent can let you know the process for doing this – it may be as simple as adding “T.O.D. to Deerfield Academy” after your name on the account.