Leaving a bequest/legacy to a charity in your will can be an excellent way of supporting a cause that you care for or leaving a lasting legacy. A bequest is when you leave a gift of personal property (usually other than money) by means of a will.
A well-written will, drafted by a lawyer, is at the heart of the estate plan – it’s a road map that explains what you’d like to happen after your death. Unfortunately, it’s estimated that only 50% of Canadians have a will in place. Those who die without a will die intestate and by doing so, they lose control over the estate planning process. Instead, assets are divided up according to a set formula, which varies by province.
Your gift by bequest may be cash, RRSP, securities or other properties.
To ensure your bequest is properly directed to the Trenton Memorial Hospital Foundation please use the following wording to best honours your true intentions.
Of course, we would be delighted to speak with you and your advisor to tailor the relevant clause in your Will.
Here are two options that are simple, convenient and effective when planning your estate.
Specific Bequest Wording
You may wish to leave a gift for a specific amount in cash or in kind (eg: stock or other property) to the Foundation. Your gift may be directed to be used where it is most needed, or you can choose to have it go towards a specific program such as neuroscience, transplant or cardiac care. To leave a specific amount for a specific purpose:
I direct my trustees to deliver, pay or transfer the sum of $_______ in cash or in kind to the Trenton Memorial Hospital Foundation to be used for the specific purpose of __________________________________.
You may wish to leave a portion, share or percentage of your estate in cash or in kind to the Foundation after all debts and specific bequests to loved ones are paid. To have all or a portion of the remainder (residual) of your estate go to where money is needed most:
I direct my trustees to deliver, pay or transfer _______ % (percentage or share) of the residue of my estate to the Trenton Memorial Hospital Foundation to be used for ____________________________ (specific purpose or general purposes).
A donation made as a specific bequest or a residual bequest can be claimed in your final tax return to reduce tax payable in the year of your death (or in the preceding year). Furthermore, if your executors transfer appreciated publicly traded stock or mutual funds to the foundation to satisfy the bequest, your estate will not have to pay tax on the capital gain on the donated securities in your final tax return. This strategy will increase the tax savings associated with your bequest.
If you wish to learn more about leaving a bequest to the Trenton Memorial Hospital Foundation, we would be pleased to assist you in any way. Feel free to contact Wendy Warner, Executive Director at 613-392-2540 ext 5403 or firstname.lastname@example.org