Planned Giving FAQs

Who makes a planned gift?

Planned gifts are made by individuals of all ages and income levels. In fact, studies have shown that people are now creating wills early in life. Great wealth is not needed to make a bequest or to create a trust, and anyone with a retirement plan or life insurance policy can make a planned gift by naming Pratt as a beneficiary. Planned gifts offer all individuals an opportunity to support Pratt and gain the satisfaction of knowing that the Institute they love will be provided for in the future.

How do I know if a planned gift is a good option for me?

Planned gifts can be good options for almost anyone. If you prefer to lower your taxes and create a legacy at Pratt, consult a financial advisor to learn more. And know that planned giving professionals at Pratt are here to assist you with any questions you may have.

I'm still young. When should I start considering estate planning?

It's never too early to start thinking about your estate plans. Planning your estate and creating your will early in life allows you to better plan your finances and your future. This can be especially important if you have significant assets to distribute. Even if your assets consist of solely an apartment or some stocks and/or bonds, planning your estate early can be a way to ensure now that you protect what you have for your heirs or to help benefit a charity. It enables you to be sure that your wishes are carried out and can provide peace of mind for you and your loved ones. A will can be modified at any time during your lifetime.

Who can help me write my will or plan my estate?

It is recommended that you consult an attorney, especially one that specializes in estate planning, and a financial advisor. Ask friends, family members, or trusted colleagues, or speak with an attorney or accountant with whom you've worked previously for recommendations.

What if I've already named Pratt in my will?

Please let us know by contacting us at plannedgiving@pratt.edu, by calling a member of our planned giving staff at (718) 399-4296, or by contacting the Division of Institutional Advancement at (718) 636-3537 or by email at advancement@pratt.edu. 

Can I name Pratt in my will and still provide for my children in it?

You can tailor your will to fit your specific goals and objectives. An attorney can assist you to make sure your will meets your wishes.

If I've designated my planned gift for a specific purpose, what happens after I've passed away? How can I be assured that my money will be used as I indicated?

Pratt will work with you to create a gift agreement to outline how your gift will be managed. Our planned giving and fundraising professionals will steward your gift, after it is received, to ensure that its use aligns with your stated intentions.

How will Pratt work with my heirs to fulfill my gift?

We welcome the opportunity to work with your heirs so that they are kept informed about the use and impact of your gift. Please let us know who we should contact regarding your estate.

I already have beneficiaries listed on my retirement plan. How do I change this?

You can contact the company that is managing your 401K or 403B to inquire about making changes to your beneficiaries.

How will my planned gift be recognized?

Your gift will be recognized in a manner according to your choosing. If you wish for your gift to remain anonymous, we will keep your plans confidential.