What is a bequest?
A bequest is a gift left in a will to a charitable organization like Epilepsy Ontario. Bequests are, by far, the most popular form of a planned gift.
One reason why bequests are so popular is because with a bequest, you will help Epilepsy Ontario to assist people living with epilepsy without touching the funds and assets you need now.
There are different ways to make a bequest to Epilepsy Ontario:
- Specific bequest: a gift of a fixed amount of cash or a particular asset
- Percentage share: a gift of a percentage of the whole estate
- Contingent bequest: a gift that will take effect only in the event of the prior death of other named beneficiaries
Some of the advantages to creating a planned gift through a bequest are:
- It’s easy to do by contacting your lawyer.
- Your will can be amended or revoked by you at any time.
- Reduced taxes payable on your estate from charitable tax receipts given for the gift.
- It’s flexible: bequests can be for a specific amount, a percentage of the estate or residual of the estate.
If you are about to have a will drafted for the first time or are considering making changes to your current will, your lawyer can include a bequest to the Epilepsy Ontario.
If you would like to provide support for the on-going work of Epilepsy Ontario by including a charitable bequest in your will, the following language may be helpful:
A general unrestricted bequest:
“I give to Epilepsy Ontario the sum of $_______ to be used for its general purposes as its Board of Directors may determine.”
A specific bequest:
“I give to Epilepsy Ontario X number of shares of XYZ stock ….. for its general purposes as its Board of Directors may determine.”
A residual bequest:
“I give Epilepsy Ontario X% of the rest, residue and remainder of my estate for its general purposes as its Board of Directors may determine.”
A contingent bequest:
“In the event that my spouse does not survive me, I give to Epilepsy Ontario the sum of $_____for its general purposes as its Board of Directors may determine.”
Please note: The purpose of this publication is to provide general information, not to render legal advice. We recommend that you consult your lawyer or other professional advisor about your Will and other estate and financial planning matters.
How may I create my bequest?
Creating a planned gift is relatively straight-forward.
- Collect all important information and make an appointment with your lawyer;
- Create your will that reflects your wishes; and
- Contact Epilepsy Ontario so that we may thank you for your gift.
If you have already created a legacy gift and you wish to let us know about your gift, please take a moment to contact us. Any information you provide will remain strictly confidential.