A Gift in Your Will

When making or updating your will, most people are surprised that once they’ve taken care of family, there is still room to support their favourite charities as well. No matter the size, a gift in your Will is a lasting impression of the value you place on healthcare for everyone in our community.
 
Whether you’re updating your Will or making it for the first time there are three types of gifts in your Will 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 Your Will?
Congratulations on already having a Will. If you only want to make minor changes, ask your lawyer about making a codicil (amendment), perhaps eliminating the need to re-write your entire Will.
 
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
Did you realize you can give a gift of shares today and in your estate.  By giving it to charity, you eliminate paying the capital gains and receive a charitable tax receipt.
 
If you wish to give securities or mutual funds today, click here.
If you wish to give in either in your estate a sample clause for your will is provided below. This clause would accompany the sample 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.”  

Useful Sites:
 
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://www2.Isuc.on.ca/LawyerParalegalDirectory/index.isp

Would you like to discuss your thoughts on an estate gift?

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

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