A Gift in Your Will
Useful tips if you’re considering a gift in your Will.
A gift to the Milton District Hospital Foundation is a legacy that has an impact well beyond your lifetime. Our community is so fortunate to have received Estate gifts planned years ago that have helped our response to COVID-19. Imagine the impact a gift in your Will could have for future generations.
You’ll need our legal name for your estate documents.
Legal Name: Milton District Hospital Foundation
Charitable Registration #: 119245330 RR0001
(the C.R. # means we’re a registered charity with the Canada Revenue Agency)
Sample Will Wording:
“I give to the Milton District Hospital Foundation , C.R. # 13145 3490 RR0001, (specific amount) (percentage) of the residue of my estate to be used for general purposes of the Milton District Hospital.”
Types of Gifts to Consider
Whether you’re updating your Will or making it for the first time there are three types of gifts in your Will to consider:
- You can give a percentage of your estate, also known as a residual gift allowing your gift to keep pace with inflation.
- You can give a specific amount of money
- You can give a specific item such as securities (see below).
Updating your Will
Congratulations on already having a Will. If you only want to make minor changes, ask your lawyer about making a codicil (amendment), perhaps eliminating the need to re-write your entire Will.
Speak to Us First Before Including your Gift in Your Will when you wish:
- You wish to give a specific item such as artwork, property, etc.
- You wish to designate your cash gift to a specific program within the hospital.
Gifts of Securities, Mutual Funds
Did you realize you can give a gift of shares today and in your estate. By giving it to charity, you eliminate paying the capital gains and receive a charitable tax receipt.
If you wish to give in either in your estate a sample clause for your will is provided below. This clause would accompany the sample wording given above. Your lawyer may prefer alternate wording.
“I specifically authorize my Trustees, in their absolute discretion to satisfy such distribution from my estate by way of an in specie transfer or transfers of one or more securities/mutual funds forming part of the residue of my estate at the date of my death.”
Would you like to discuss your thoughts on an estate gift? We’re here for you and happy to help.
Deborah Bauder, CFRE
Associate Director, Gifts & Estate Planning
Oakville Hospital Foundation