Bequests
A charitable bequest is the legal name for a gift made within the provision of your will. A bequest can include any type of property, such as a sum of money, personal property or real estate. A bequest can also be a percentage of your estate, a portion of your real estate once other bequests to loved ones are made, or it may be contingent upon surviving loved ones. A bequest can provide for a permanently endowed fund in your name or a loved ones name.
The way children are treated today determines the kind of adults they will become tomorrow. To realize their full potential, all children need love, care, guidance and encouragement. Leaving a bequest in your will helps us plan for their future, to ensure we are able to help every abused and neglected child we serve realize their full potential.
We suggest that you fully explore the various donation methods to ensure a gift is provided in the most tax-effective way and takes your family needs into account.
If you would like to leave a charitable bequest to the Children's Aid Foundation, please complete the Charitable Bequest Confirmation Form found below. Thank you!
FAQ's about chartiable bequests:
What is a bequest?
A bequest is the legal name for a gift made within the
provision of your will.
What types of property can be included in a bequest in
a will?
A bequest can include any type of property, such as a sum of
money, personal property or real estate.
A bequest may also be a percentage of your estate, a portion of your
estate once other bequests to loved ones are made, or it may be contingent upon
surviving loved ones.
How will I help the Children’s Aid Foundation through
a bequest?
Once your bequest is received, it will benefit
abused and neglected children in Canada, by providing much needed assistance
for them in the areas of prevention, enrichment and education. You may direct your gift towards a particular
program or one of the Foundation's areas of funding. Your gift ensures that abused and neglected children are given life changing opportunities through your generosity.
How will I benefit from making a gift to the Children’s
Aid Foundation?
Your bequest will lessen your estates taxes upon your passing,
which will leave more of your estate to be shared by your
beneficiaries. Your estate will receive
a tax receipt for the amount of your gift, and has the potential to reduce your
taxes in the final return by up to 100% of your income in the year of death.
As well, a tax receipt for the value of your bequest will
also assist in offsetting any tax on capital gains your estate may have from capital assets such as real estate or securities, if these assets have
increased in value during your lifetime.
Most importantly, you will have the satisfaction of knowing
that by having made a gift in support of abused and neglected children, you
have created a legacy for the children we serve and have gave hope for their
future.
What types of bequests are there?
- Specific
Bequest
A specific bequest is the name
given to a gift within a will, of a certain amount of money, a piece of
property, securities or other assets.
Example: “…to give to the Children’s Aid
Foundation, the sum of $ 5,000 for its general purposes.”
- Residual
Bequest
A residual bequest is the name
given to a gift in your will of a portion, or all of the remainder of your estate, after the other bequests to loved ones have been made, and all debts
have been paid.
Example: “…to give the rest, residue and
remainder of my estate, to the Children’s Aid Foundation, for its general
purposes.”
- Contingent
Bequest
A contingent bequest is the name
given to a gift in a will that occurs only in the event that you are not
survived by the other beneficiaries named in your will. These types of bequests are usually written
to name the Children’s Aid Foundation as an alternative beneficiary where it is
not certain that your gift to your original beneficiary(ies) may be carried
out. For example, you would name the
Children’s Aid Foundation as the beneficiary in the event of a common disaster,
or where there are no relatives.
Example: “…to pay to my cousin John Smith,
the sum of $ 5,000; provided that in the event my said cousin should
predecease me, to pay the said sum to the Children’s Aid Foundation, for its
general purposes.”
- Bequest
Subject to a Trust
A bequest subject to a trust,
refers to a gift in a will made through a trust whereby a named beneficiary
receives income for life, and upon his/her death, all the remaining property is
transferred to the Children’s Aid Foundation.
Trusts that are established within
a will are called testamentary trusts.
Testamentary trusts may be an attractive planning option if you wish to
provide income for life for a loved one following your death, while at the same
time providing a gift to the Children’s Aid Foundation.
Can my bequest to the Children’s Aid Foundation be
designated for a specific purpose?
The mission of the Children’s Aid Foundation is to improve
the lives of abused and neglected children through prevention, enrichment and education. The Children’s Aid
Foundation would be pleased to discuss options with you to designate your gift
to funding programs within these three funding priorities.
How do I make a bequest to the Children’s Aid
Foundation?
- Contact your lawyer, and advise him/her about your desire to make a will or update your will to include a gift to the Children’s Aid Foundation. Your lawyer will be able to provide you with independent advice regarding your estate and will recommend options for your intended gift to the Children’s Aid Foundation, which will be best suited to your needs, and the needs of your loved ones.
- Please contact Michele Clemo at the Children’s Aid Foundation, who will provide your lawyer with our correct legal name, and answer any detailed questions they may have. She can be reached at mclemo@cafdn.org or 416-923-0924 x232.
- Your lawyer will ensure that your will, or codicil (amendment) to your existing will, is properly prepared, signed and witnessed.
Should I notify you of my gift/intention to leave a bequest in my will to the Children's Aid Foundation?
Yes! Please notify the Children’s Aid Foundation of your gift
so that we can thank you. Through our Guardian of Hope Circle, the Children’s Aid Foundation would like to
recognize you, and all of its generous friends who have included the Foundation in their estate plans through a bequest or other planned gift.
Before you make a donation, we
strongly encourage you to seek independent, qualified advice from your
accountant, estate planner, lawyer etc., on the appropriateness of doing
so.