Revocable (Living) Trusts
Revocable (living) trusts can be an excellent vehicle for your legacy to the School. Any trust assets remaining at death can be shared between your family and the School according to your instructions.
Revocable trusts (or living trusts) can substitute for a will in many respects, authorizing the trustee to administer assets in the trust following the trust owner’s death or in the event of the owner's incapacity. While living trusts entail certain fees and other complications, they have two advantages over the probate process ordinarily used for estates: revocable trusts are not probated, so their contents and directives remain private, and they are not subject to the (often substantial) fees charged by Virginia Commissioners of Account.
Charitable gifts made in a revocable trust otherwise function much like charitable bequests, so the suggestions made here concerning bequests should apply to gifts via these trusts. In any event, you must necessarily seek legal counsel before making any charitable gift through such a trust.