What it is:
A bequest is a gift of property by Will. It allows an individual to decide that a portion of his or her legacy (what is being left behind), will be given to charity and continue to benefit others beyond the life of the donor. Bequests can be made through outright gifts of cash, through pledges to contribute certain amounts over stipulated periods, or through a testamentary trust.
Benefits:
- flexibility—you can change your Will at any time
- a value tax credit for your estate on your final tax return
How it Works:
- Determine which charity you wish to include in your Will.
- Discuss your intentions with your immediate family.
- With the assistance of your lawyer, revise your Will with a general or specific bequest clause to include the charity
Further Info:
If you are considering a charitable bequest, we recommend you speak to a representative of the charity and obtain professional advice from a qualified lawyer.