Beneficiary Designations

For others, Forever.
Your timeline. Your choice. Your legacy.

The Easiest Way to Make a Meaningful Gift

Beneficiary designations are one of the most flexible and powerful ways to support Holy Cross. These deferred gifts cost nothing today, can be changed at any time, and require no changes to your will or trust. Best of all, they're simple to set up by completing a form with your provider.

Contact the Office of Gift Planning to discuss how beneficiary designations can fit into your charitable giving plans.
Office of Gift Planning: 508-793-3481 | giftplanning@holycross.edu

Key Benefits of Beneficiary Designations

  • No cost today - Your gift doesn't impact your current finances
  • Completely flexible - Change beneficiaries or amounts anytime
  • No will or trust changes needed - Designations stand independently
  • Bypass probate - Assets transfer directly to Holy Cross
  • Private and simple - Just complete a form with your provider
  • Deferred impact - Gift is realized only after your lifetime

Understanding Deferred Gifts

These gifts are not realized during your lifetime—they come to Holy Cross only after you're gone. This means:

  • You retain full control and access to your assets while living
  • Your designations can be modified whenever your circumstances change
  • No immediate tax implications or financial impact

Types of Beneficiary Designations

Retirement Accounts (IRA, 401(k), 403(b), etc.)

One of the most tax-efficient assets to donate. Your beneficiary designation form allows you to name Holy Cross for a percentage or specific dollar amount.

Bank and Investment Accounts (Transfer-on-Death)

Transfer-on-Death (TOD) accounts allow assets to pass directly to Holy Cross, avoiding probate entirely.

Life Insurance Policies

You can designate Holy Cross as a beneficiary for all or part of your policy's death benefit while continuing to own and control the policy.

Please note: Subject to the College's gift acceptance policy, gift credit may only be provided to policies which are owned by the College. Contact the Office of Gift Planning for additional information.

Donor Advised Funds

Many donor advised funds allow you to designate Holy Cross as a successor beneficiary, ensuring your fund's remaining assets continue supporting causes you care about.

How to Make Your Designation

Step 1: Contact Your Provider

Many banks, investment firms, and insurance companies have beneficiary designation forms available online, or you can call to request the appropriate form.

Step 2: Complete the Form

Use this exact legal information for Holy Cross:

Name: Trustees of the College of the Holy Cross
Address: One College Street, Worcester, MA 01610
Tax ID Number: 04-2103558

Step 3: Consider Your Options
  • Percentage vs. Dollar Amount: Percentages adjust automatically if account values change.
  • Primary vs. Contingent: You might name family as primary and Holy Cross as contingent beneficiary.
  • Full vs. Partial: You can designate any portion of the account to Holy Cross.

Flexibility in Action

Example Scenarios:
  • Name Holy Cross as beneficiary for 10% of your IRA
  • Designate Holy Cross as contingent beneficiary of your life insurance
  • Include Holy Cross as successor to your donor advised fund
  • Set up a TOD account with Holy Cross as beneficiary

Remember: All of these can be changed at any time as your circumstances or wishes evolve.

Important Considerations

No Will or Trust Changes Required

Beneficiary designations operate outside of your will or trust. The designation form controls where these assets go, regardless of what your will says.

Regular Review Recommended

Life changes—review your beneficiary designations periodically to ensure they still reflect your wishes.

Next Steps

Ready to Get Started?
  1. Contact us first: We're happy to discuss how beneficiary designations fit your goals.
  2. Gather information: Know which accounts you want to include.
  3. Contact providers: Request the appropriate forms.
  4. Share your intention: Contact the Office of Gift Planning – We would be delighted to welcome you to The 1843 Legacy Society!

Questions?

Julie Karavan MS, CFRE
Office of Gift Planning
Phone: 508-793-3481
Email: giftplanning@holycross.edu
Please Share Your Plans

Complete a Bequest Intention Form and consider sharing a copy of your completed beneficiary designation form with the Office of Gift Planning at College of the Holy Cross for our records and acknowledgment. This helps us thank you appropriately, welcome you to The 1843 Legacy Society, and ensures we're prepared to honor your wishes when the time comes.

College of the Holy Cross is an educational institution and does not provide tax, legal or financial advice. the College strongly encourages all of our benefactors to seek counsel from their own legal and financial advisors.

Download a Guide to Giving Retirement Plan Assets Share your intentions with the College Document Your Bequest Intention