Donating by Will.

The following clauses are provided for your assistance, but it is important to note that they are intended only as examples of the types of clauses that may be appropriate. If you are considering including one of the below clauses in your Will, you should discuss your specific circumstances with your lawyer.

Percentage Gifts – If you wish to leave a portion or share (eg. 20%) of your estate to the Chilliwack Foundation, you could use the following wording:

“I direct my trustees to deliver, pay or transfer _____ percent of the residue of my estate to the Chilliwack Foundation to be used for its general purposes.”

Specific Gifts – When you want to make a bequest of a specific amount of money or a specific asset, the following clause may be appropriate:

“I direct my trustees to deliver, pay or transfer the sum of $_________ to the Chilliwack Foundation for its general purposes.”

Remainder or Residue Gifts – If you wish to leave the remainder or residue of your estate, after paying debts and other bequests, to the Chilliwack Foundation, the following wording may be appropriate:

“I direct my trustees to deliver, pay or transfer the residue of my estate to the Chilliwack Foundation for its general purposes.”

Designated or Restricted Gifts – The below clause contains a provision that prevents your bequest from failing even if the specific purpose contemplated in your Will cannot be fulfilled:

“I direct my trustees to deliver, pay or transfer the sum of $________ (or ________ percentage share of my estate) to the Chilliwack Foundation to be used for the following purpose(s)__________________________________________. In the event that circumstances make the specific use of this gift no longer practical or desirable, the Board of Directors of the Chilliwack Foundation is hereby authorized to make changes in its use consonant with the spirit and general intent of the gift.”

Gifts to Take Effect Following the Death of a Lifetime Beneficiary – You may want to provide for a spouse or other loved one during that person’s lifetime, and at the person’s death make a gift to the Foundation. Your Will would create a Trust for the person, and then provide for either a specified amount, a share of the residue or the entire residue to go to the Foundation at that person’s death, as follows:

“Upon the death of _________________, to pay the sum of $ _____________ to the Chilliwack Foundation for its general purposes.”

Gifts of Lapsed Bequest – You may want to make a gift to the Chilliwack Foundation if a person to whom you have left a gift dies before you. The following wording could be used:

“In the event that any bequest contained in this my Will shall by reason of death of any named beneficiary, or for other reason, fail to take effect, the said bequest shall be paid or transferred to the Chilliwack Foundation (the “Foundation”), to be used as the Foundation shall determine.”

All bequests should include the following clause:

“The receipt of any person purporting to be an officer of the Chilliwack Foundation, for the value of my bequest shall be a sufficient discharge to my Trustees. My Trustees shall not be required to inquire into the authority of such person to give a valid receipt nor to see the application of my bequest.”

Leave a Reply

Your email address will not be published.