The Gift
Over time, Trustmark Bank personnel noticed McCarty's accumulated savings, and began to assist her in future estate planning, as well as being unofficial guardians for her. (Bank employees and other friends convinced McCarty to purchase two small window air conditioners for her house and cable television service.)
With the assistance of a local attorney (for whom she had done laundry) and the bank's trust officer, using slips of paper and dimes (to represent 10% shares), McCarty set out the future distribution of her estate. She set aside one dime (10%) for her church, one dime (10%) each for three relatives, and the remaining six dimes (60%) for Southern Miss. She stipulated that the funds should be used for students, preferably those of African-American descent, who could not otherwise attend due to financial hardship. When news of McCarty's plan was made public, local leaders immediately funded an endowment in her honor.
She signed an irrevocable trust, allowing the bank to manage her funds, from which she received a regular check.
Read more about this topic: Oseola Mc Carty