A Gift in Your Will

Useful Tips If You’re Considering a Gift in Your Will

A gift to the Oakville Hospital Foundation is a legacy that has an impact well beyond your lifetime. Our community is so fortunate to have received Estate gifts planned years ago that have helped our response to COVID-19. Imagine the impact a gift in your Will could have for future generations.

Types of Gifts to Consider

Your generosity can take many forms. Whether you are creating your Will for the first time, or you are updating your existing Will, there are three types of gifts you may wish to consider:

  1. You can give a percentage of your estate, also known as a residual gift, allowing your gift to keep pace with inflation.

2. You can give a specific amount of money 

3. You can give a specific item such as securities (see below). 


Updating an Existing Will

Many of us delay creating a Will because the process can seem daunting. If you already have a Will in place, you have acted wisely. Make sure to review it regularly to keep it up to date. The steps you take now to plan can make it so much easier for loved ones in the future.

If you want to consider adding a gift to the Oakville Hospital Foundation in your existing Will, ask your lawyer about making a codicil or amendment. This option may eliminate the need to re-write your Will in its entirety.

You’ll need our legal name for your estate documents:

  • Legal Name                                            Oakville Hospital Foundation
  • Charitable Registration #                     13145 3490 RROOO1 

(the C.R. # means we’re a registered charity with the Canada Revenue Agency)
 

Sample Will Wording:

I give to the Oakville Hospital Foundation, C.R. # 13145 3490 RR0001, (specific amount) (percentage of the residue) of my estate to be used for general purposes of the Oakville Trafalgar Memorial Hospital.”
 

Speak to Us First Before Including your Gift in Your Will when:

  1. You wish to give a specific item such as artwork, property, etc.
  2. You wish to designate your cash gift to a specific program within the hospital.
 

Gifts of Securities, Mutual Funds

You may not have realized that you can give a gift of shares today, and you can also do so through your estate.  By giving securities such as stocks, bonds and shares in mutual funds to the Oakville Hospital Foundation, you effectively eliminate paying tax on the accrued capital gains. The charitable tax receipt you receive allows you to make  your gift of securities at very low out of pocket cost.

If you wish to give securities or mutual funds today, click here.
 

Sample Wording for Gifts of Securities, Mutual Funds

If you wish to give gifts of securities or mutual funds in your estate a sample clause for your Will is provided below. This clause would accompany the sample  Will wording given above. Your lawyer may prefer alternate wording.

“I specifically authorize my Trustees, in their absolute discretion to satisfy such distribution from my estate by way of an in specie transfer or transfers of one or more securities/mutual funds forming part of the residue of my estate at the date of my death.”  

Other Useful Resources

Understanding all your options and the related benefits is the first step in leaving a legacy gift. We have provided some useful sites that may be helpful as you consider which options best suit you and your estate plan.

Canada Revenue Agency (CRA)              

CRA Charitable Tax Credit Calculator: 

http://www.cra-arc.gc.ca/chrts-gvng/dnrs/svngs/clmng1b2-eng.html  

All About Estates: Blog on estates, written by numerous lawyers.                           

www.allaboutestates.ca

Ontario Law Society: Need a lawyer?

https://lso.ca/public-resources/finding-a-lawyer-or-paralegal

Would you like to discuss your thoughts on an estate gift? We’re here for you and happy to help.

Deborah Bauder
Associate Director, Gifts & Estate Planning
Oakville Hospital Foundation
289-218-0715
dbauder@haltonhealthcare.com

Get More Info!