A charitable bequest is a gift by will. It is one of the simplest ways to make a gift to STARS – and often at a level not possible during one’s lifetime.
Benefits of a bequest:
- Allows you to support a cause you believe in beyond your lifetime.
- Provides individuals with the personal satisfaction of making a commitment without affecting one’s current financial situation.
- It’s a revocable arrangement – and you may change your mind at any time during your lifetime.
- They are considered charitable donations and are eligible for income tax receipts that can be applied against taxable income in the year of death and the immediately prior year.
Types of bequests:
- Undesignated bequest – allows STARS to use your gift where the greatest need exists.
- Designated bequest – a gift intended to be used for a specific purpose such as a particular program or piece of equipment.
How to make a bequest to STARS
Wills can be complex documents and should be drafted with the assistance of legal counsel. The wording of a bequest, if not crafted properly, can make it difficult to administer. This is particularly true in cases of ambiguity, department name changes or the evolution of areas of clinical care. To ensure correct and timeless wording that best honours your true intention, we would be pleased to help you and your advisor fine-tune the relevant clause in your will.
Proper legal name
The proper legal name for making a gift is to the Shock Trauma Air Rescue Service Foundation.
Our Registered Charity number is 81845 9521 RR0001
Sample bequest wording
Examples of various gift types with appropriate wording are as follows:
I give the sum of ______ dollars / gift of tangible property (cash, securities, real estate etc.) to the Shock Trauma Air Rescue Service Foundation to be used at the full discretion of the Board of Directors.
I give (describe assets which are subject of the bequest – for example, a stated sum or the residue of the estate or a percentage of the residue of the estate) to the Shock Trauma Air Rescue Service Foundation with the capital and income used to support the following initiatives / programs __________________.
To pay and transfer the residue of my estate to the Shock Trauma Air Rescue Service Foundation to be used for its own use absolutely.
To pay and transfer the residue of my estate to the Shock Trauma Air Rescue Service Foundation to be used for __________________ (specific purpose). If the specified purpose of this bequest is impractical or undesirable, the Board of Directors of the Shock Trauma Air Rescue Service Foundation is authorized to apply this bequest to other purposes that conform as much as possible to the spirit and intent of this bequest.
Gifts under a will may take years before the actual gift is realized. As a result, there may be certain gifts whose purpose may no longer be valid. For this reason, we recommend the use of the above clause.
In case any bequest made by this will shall by reason of any beneficiary failing to survive me, or for any other reason fail to take effect, the property so bequeathed, is to go to the Shock Trauma Air Rescue Service Foundation, to be used for general purposes.