The most important legacy we can leave behind is one that will help those who continue to struggle after we’re gone. By including a charitable bequest in your will, you will not only help women and children in their time of need, you will also ensure the values of kindness and generosity you’ve demonstrated throughout your life will carry on. Let that be our legacy.
While some people think bequests are only for the wealthy, nothing is further from the truth! Generous tax credits for charitable gifts can allow us to live comfortably in our retirement, provide generously for our loved ones, and still give a charitable gift – often at a level we never dreamed possible! In fact for most of us, a bequest can allow us to give a gift that would be out of reach during our lifetime.
The following chart offers a simplified glimpse into the potential of a bequest. We’ve based it on a final asset base of $1 million to make it easy to understand. That may seem excessive but when you consider the current value of the average home and a lifetime of savings, many of us will have accumulated close to this over the course of our lives. Even at half this amount, the potential for a transformative gift is evident.
No matter the size of your bequest, it all adds up to a better life for those less fortunate in the years to come.
Already decided? Please let us know if you’ve included, or plan to include YW Calgary in your will! That way we can keep you informed about the good work we’re doing today and the plans we have to meet the challenges of tomorrow. You’ll receive exclusive invitations and other benefits. Your privacy will always be respected and you can decide how much of our communications you want to receive.
We also suggest you share your plans with family members – not only so they are aware of your intentions, but also so they understand the commitment to giving that forms an important part of your legacy
Still undecided? We encourage you to explore your options for charitable giving with a trusted legal, tax, or accounting specialist who is knowledgeable about the financial benefits of charitable giving. You can also contact us for confidential, pressure-free suggestions about how you can Outlive Yourself and reserve your spot in YW Calgary’s history.
Need more information? See below for details about types of bequests and how to word your bequest to ensure your wishes can be administered as you intend.
We are genuinely humbled and inspired when your final wishes include a gift to YW Calgary in your will. Your foresight and generosity will empower women and children who might otherwise be left behind. At YW Calgary, we are committed to fulfilling your request.
Tips to help you prepare
A few simple steps will help ensure your intentions are met in a timely and appropriate manner:
Choose the type of bequest you wish to make:
- Specific bequest: In a specific bequest, you can designate YW Calgary as the beneficiary of a specific cash amount, a percentage of your estate, or a specific asset (e.g. an RRSP, stocks or securities, real estate, or other tangible personal property).
- Residual bequest: A residual bequest is honoured after your specific bequest provisions have been met. YW Calgary may be named as the beneficiary of your residual estate, or a percentage of your residual estate.
- Contingent bequest: A contingent bequest is one that will be received by a charity only if other conditions stipulated in your will are met. For example, YW Calgary may be named as a contingent beneficiary if other named beneficiaries pass away before you. These bequests are often never received by the charity.
Your legal or tax advisor can provide additional options for you to consider.
- Use language that is general in nature. Our programs are always evolving to meet the changing needs of our clients. It’s important to express your intention in a way that will allow us to best meet unpredictable future needs. For example, we would prefer that you indicate in your bequest “support YW Calgary’s greatest needs.”
If you are passionate about a specific area, consider a statement like this: “I want to support women and/or women with children facing domestic abuse.” The key to successful future giving is to allow us the flexibility to address unforeseen needs.
- It’s also helpful to include a clause that allows for adaptability. For example: “If the YWCA is unable to grant my wishes as described, I ask that they make every effort to adhere as closely and truly as possible to my stated intentions.”
Wills can be very complex and we recommend they be drafted with the assistance of legal, financial and tax professionals. It’s important that the language is chosen carefully to ensure that your wishes can be administered with ease and as you intended.
We are happy to answer any of your questions or work with you and your advisors to ensure that you are confident about your decision and well-informed about your options.
Thank you sincerely for considering a bequest to YW Calgary.
For further information please contact: firstname.lastname@example.org
YWCA CRA Registered Charity #108227927 RR0001