Leaving a Legacy
A bequest or gift by will is a simple and thoughtful way to leave a personal legacy, representing your life and values. Whether it is a set dollar amount or a percentage of your estate, a bequest in your will to Wellspring can allow you to make a difference for generations to come.
For more information, please contact Janice Van Coughnett, Director of Philanthropy, Wellspring Calgary, at 403-521-5292 ext 306 or JaniceVC@wellspringcalgary.ca.
What are the Benefits?
- Your estate will be entitled to a donation receipt for the full value of the bequest, which may dramatically reduce taxes payable by your estate.
- Your estate can claim donations for income tax purposes of up to 100% of the net income in the year of death, and any excess amount can be carried back one year.
- If the bequest is funded with publicly-listed securities, there will be no capital gains tax payable on the securities donated, under current legislation.
- A bequest is revocable and can be changed if your financial situation changes.
- You will be invited to receive recognition today for your future commitment to Wellspring.
How Do I Make a Bequest?
Making a bequest is simple. If you have already prepared your will, you can update it with a codicil, which is a supplementary document added to the existing will, describing your gift intentions.
If you have not yet prepared a will, we recommend you do so as soon as possible. This is an important first step to ensure that your intentions for your estate are documented and that your family and loved ones are taken care of, properly.
You may make a specific bequest to Wellspring to identify a defined gift amount, or you may make a residual bequest, which means that you designate all or a percentage of the remaining portion of the estate, after debts, taxes, and administrative expenses have been paid.
It is important that you consult with a lawyer when drafting your will, as well as updating it when your circumstances change.
If you plan to include a bequest in your will for Wellspring, please include:
Our legal name: Wellspring Calgary
Our charitable registration number: 809013675RR0001
1404 Home Road NW
Calgary, AB T3B 1G7
Sample wording for including a gift in your will to Wellspring Calgary
When planning your individual estate, Wellspring recommends that you consult with your professional advisor to maximize your individual estate tax plans. We would be pleased to meet with you and/or your advisors to provide additional information or a sample financial illustration tailored to your needs.
The following will clauses can be provided to your lawyer when arranging a bequest gift to Wellspring:
To give a specific amount
“I give the sum of $_____ in cash to WELLSPRING CALGARY (Charitable Organization Number: 809013675RR0001) to be used where it is needed most.”
To give a percentage of the estate
“I give to WELLSPRING CALGARY (Charitable Organization Number: 809013675RR0001) ____ % of the rest, residue and remainder of my estate to be used where it is needed most to fulfill its mission.
To give a specific asset, such as shares in a company
“I give to WELLSPRING CALGARY (Charitable Organization Number: 809013675RR0001), ___ shares of COMPANY-NAME, to be used where it is needed most to fulfill its mission.”
To designate your gift for a specific program at a specific centre:
“I give to WELLSPRING CALGARY (Charitable Organization Number: 809013675RR0001), the sum of $________ to be used in support of (for example) the Expressive Arts programs.”
Power to Vary Provision
In order to ensure that your contribution is utilized according to your wishes with the maximum amount of flexibility, please consider including this “Power to Vary” provision:
“If, in the opinion of the Board of Directors of WELLSPRING CALGARY (Charitable Organization Number: 809013675RR0001), it should become impossible, inadvisable, or impractical to use this gift for the purposes of supporting _______________________, then the Board of Directors may in its discretion use the gift to the best advantage of WELLSPRING CALGARY (Charitable Organization Number: 809013675RR0001), keeping in mind the original wishes of the donor.”