In 2008, I met with a donor (who wished to remain anonymous) about putting instructions in their will to be carried out at the time of their passing. The instructions were to establish and contribute to the Ginny Krause Memorial Scholarship Endowment within the Franklin County Community Foundation. The scholarship fund agreement was written by the FCCF and signed by the donor at that time, and since the will has now gone into effect, the fund has been created.
The purpose of this endowment is to provide an annual scholarship to a student graduating from Franklin County High School who has demonstrated good character and sense of responsibility. The student must be pursuing a 2-year technical or 4-year degree.
The establishment of this endowment is a perfect example of the advantages of choosing the beneficiaries of your estate within a will. The donor in this case had comfort in knowing that the wishes set forth in their will would be carried out at the time of their passing.