Leave a Legacy
Bequests
Many people who would like to make a substantial gift to a charity such as Battlefords Union Hospital Foundation are concerned that such a gift may leave them short of the funds they require over the balance of their life.
A realistic option could well be to provide for such a gift through a bequest in their will. They will not erode their finances during their later years, and will be able to maintain a satisfactory standard of life.
Bequests may be made in many forms:
- Specific bequests, under which BUH Foundation would receive a stated amount or percentage of the estate.
- Residual bequests, under which BUH Foundation would receive all or a percentage of the estate after specific bequests have been carried out.
- Contingent bequests, under which BUH Foundation would receive all or part of the estate only in the event of the prior death of other beneficiaries.
- Trust remainder bequests, under which named beneficiaries receive income from a trust established in the will, with a provision that all or some part of the principal will become vested in the Foundation upon the death of the surviving beneficiaries.
There are times when donors may wish to place restrictions on the use of the funds willed to a charity. This can be a method to ensure that the funds are directed to a specific use dear to the heart of the donor. However, it could defeat the charitable aims of the donor, should circumstances change, making it impossible to carry out their wishes.
We therefore suggest that your lawyer provide in the will some authorization to the Board of BUH Foundation to change the use of the gift if it cannot be used as originally intended.
Significant donations are recognized by BUH Foundation appropriately or will remain anonymous; it is the choice of the donor.
[ Property, Including Securities and Real Estate ] [ Life Insurance Arrangements ]
[ Creation of Residual / Remainder Trusts ]
