Bequests
If you plan to make a charitable gift by will, please think it through carefully. Then…
Our suggested gift process is as follows:
· Call the Edmonton Community Foundation at 780-426-0015 to discuss how a gift in your will can create or add to an endowed fund to support charities and charitable activities important to you.
· Consult your professional advisors so that your gift takes into account your overall estate and tax planning considerations.
· If you wish to proceed, have your lawyer change your will to include a gift to “the Edmonton Community Foundation” (we are happy to provide suggested wording).
Once the Edmonton Community Foundation receives the gift, it will put it to work to support the charitable causes you specified in your fund agreement and will issue a charitable tax receipt to your estate for the full fair market value of the gift based on rules outlined in the Income Tax Act
Let Us Know
We hope you'll tell us when you have named BIG BROTHERS BIG SISTERS OF EDMONTON AREA in your will. We would very much like the opportunity to thank you for your generosity.
The official bequest language for Big Brothers Big Sisters of the Edmonton Area is: "I, [name], give, devise and bequeath to The Edmonton Community Foundation Big Brothers Big Sisters of the Edmonton Area Endowment Fund, [written amount or percentage of the estate or description of property] to be used for (general purposes or program area)"
Big Brothers Big Sisters of the Edmonton Area has established an endowment fund agreement that creates a family of endowment funds held by the Edmonton Community Foundation to support Big Brothers Big Sisters of the Edmonton Area. If your gift is strictly to support Big Brothers Big Sisters of the Edmonton Area the master fund agreement for this family of funds will automatically govern - we are pleased to provide a copy of this agreement for your review)r
Various Bequest Options
Here are eight generally accepted ways to make a bequest. You might discuss them with your lawyer as you prepare to update your will.
1. Specific bequest. This is a gift of a specific item to a specific beneficiary. For example, "I give my fine china to my granddaughter, Mary." If that specific property has been disposed of before death, the bequest fails and no claim can be made to any other property. (In other words, Mary wouldn't receive the value of the fine china instead.)
2. General bequest. This is usually a gift of a stated sum of money. It will not fail, even if there is not sufficient cash to meet the bequest. For example, "I give $50,000 to my son, Ron." If there is only $2,500 cash in the estate, other assets must be sold to meet the bequest.
3. Contingent bequest. This is a bequest made on condition that a certain event must occur before distribution to the beneficiary. For example, "I give $50,000 to my son, Keith, provided he enrolls in college before age 21." A contingent bequest is specific in nature and fails if the condition is not met. (A contingent bequest is also appropriate if you want to name a secondary beneficiary, in case the primary beneficiary doesn't survive you.)
4. Residuary bequest. This is a gift of all the "rest, residue and remainder" of your estate after all other bequests, debts and taxes have been paid. For example, you own property worth $500,000, and you intend to give a child $25,000 by specific bequest and leave $475,000 to a spouse through a residuary bequest. If the debts, taxes and expenses are $100,000, there would only be $375,000 left for the surviving spouse. Rather, you should divide your estate according to percentages of the residue (rather than specifying dollar amounts), to ensure that your beneficiaries receive the proportions you desire.