Bequests
A bequest is a future gift outlined in your Will. In addition to planning for the well-being and financial security of your loved ones, your Will is a valuable tool for communicating your charitable wishes and defining your legacy.
Benefits
- Satisfaction of making a meaningful gift to Queen’s that is important to you – e.g., student aid, a particular program, research initiative, or area of greatest need.
- Your estate may claim gifts in the year of death equal to 100 per cent of your net income in that year and the preceding year.
- Continue to use the gift during your lifetime.
- A bequest can be modified or withdrawn if your financial circumstances change.
- Depending on the size of the gift, you can establish an endowed fund and name it in honour of someone close to you or secure your personal legacy.
Options
- Make a bequest of cash, securities, or other property.
- Designate a specific dollar amount, a particular asset, or a percentage of your estate.
- Leave all or a portion of your remaining estate to Queen’s after you have provided for your other beneficiaries.
- Name Queen’s as a contingent beneficiary of your estate if other beneficiaries do not survive you.
- Create a Trust through your Will – your beneficiaries will receive income from the trust for a fixed term or for life, following which all or a portion of the remaining capital can be passed to Queen’s.
When creating your Will, please include Queen’s University at Kingston, Canada, B/N 10786 8705 RR0001 in your bequest clause. Recognizing that university programs and services evolve over time, we also suggest that you include a Power to Vary clause authorizing Queen’s to use your gift for a purpose as close to the original spirit and intent of your gift as possible.
To ensure that your gift can be used as you intend, please contact us to discuss your bequest clause. We will work with you to personalize Will wording for review with your lawyer.
Sample Will Clauses
1. Capital Bequests: Unrestricted Use
“I give, devise and bequeath to Queen’s University at Kingston, Canada, the sum of $ ______, (or % share of my estate, or the residue of my estate) for the use and purposes of the University as its Board of Trustees may determine”.
2. Capital Bequest: Restricted Use
“I give, devise and bequeath to Queen’s University at Kingston, Canada, the sum of $ ______, (or % share of my estate, or the residue of my estate) to be used for _______________________________________________________."
Over time, the needs of Queen’s University may change due to revisions of program offerings, developing research interests and external considerations. For that reason, we urge donors who have restrictions identified in their bequest language to also include the following power to vary statement in their bequest clause.
In the event that circumstances make the specified use of this gift no longer practical or desirable, the Board of Trustees of the University are hereby authorized to make changes in its use in keeping as far as possible with the spirit and general intent of the gift.
Please
contact us with your questions or for further information.
We strongly encourage you to consult with your lawyer, accountant, or other financial advisor before finalizing your planned gift.
Thank for your interest in our Gift Planning program.