Making a
Charitable
Bequest
A charitable bequest is a direction in your will that leaves one or more of the assets in your estate to a charity. It can be a meaningful way to express your support for Trinity beyond your lifetime.
When planning your charitable bequest, you should first consult your executor(s), family members and an attorney who specializes in estate planning. They can help you draft or amend your will to include the relevant wording to ensure that your wishes are carried out correctly. The language should be clear and unambiguous to avoid any confusion or legal challenges.
The wording for your bequest could include:
For a Will or Codicil: Your attorney can prepare your wishes by first drafting or by adding a codicil to an existing will. Wills can be changed at any time. To have the greatest impact, and to meet the changing needs of the church, the wording should be as broad as possible.
For a specific amount: The language might be something like, "I bequeath the sum of dollars ($[amount]) to Trinity Presbyterian Church York Mills".
For a percentage of your estate: The language might be, "I bequeath [percentage]% of or the residual amount of my estate to ‘Trinity Presbyterian Church York Mills’
For a Specific Purpose: Unrestricted gifts best meet Trinity’s future needs, but you may designate your gift for a specific purpose (e.g., Bartlet Fund, Missions Fund or Major Repairs Fund). You should clearly state this in your will. Nevertheless, greater specificity may present challenges if the stated purpose becomes impractical in the future. It is advisable to consult your attorney for guidance on appropriate phrasing.
For Tax Planning: Including a donation in your will can help reduce estate taxes, while providing support to Trinity. A bequest to a charity under a will qualifies as a charitable donation and for the donation tax credit. The tax credit can be claimed on the final tax return of the decedent person or the prior year return; any excess amount can be carried over to the decedent's estate and claimed there as a donation tax credit so long as the estate itself earns taxable income.