A bequest or gift by Will is the simplest way of making a gift to your local hospital Foundation. It is a convenient and effective way for you to leave a lasting legacy or to honour the memory of a loved one. A bequest also ensures that our health care professionals are able to continue to provide the best care to their patients for generations to come.
Convenient – bequests can be made no matter how old you are and in any amount you wish.
Simple – a bequest is easy to arrange. Simply instruct your lawyer to include a bequest to your hospital (foundation) in your Will.
Tax Advantages – a highly effective way to reduce Estate taxes, your Estate will receive a charitable receipt for the full value of your bequest. This receipt can be used to reduce the tax payable on your final tax return. If your bequest exceeds 100% of your net income, the excess may be carried back to the previous tax year.
Flexible – Your bequest can be for a specific amount, a percentage of your Estate, or the residue of your Estate (a gift after your debts, taxes and specific legacies have been paid).
Control – You retain use of all of your assets for the duration of your lifetime. You can make changes to your Will at any time.
If you have already prepared your Will, your lawyer can update it by adding a supplementary paragraph, describing your gift intentions.
If you have not yet prepared a Will, we recommend that you do so! This is an important “first step” to ensure that your intentions for your Estate are documented and that your family and loved ones will be properly cared for.
You may make a specific bequest, which means that you designate a specified amount to the Foundation; or you may make a residual bequest, which means that you designate all or a percentage of the remaining portion of the Estate to the Foundation after specific legacies, debts, taxes, and administrative expenses have been paid.
For more information, please visit your hospital’s foundation website.