Wills and Bequests
By writing a will, you are ensuring that the accumulated fruits of your lifetime provide for your loved ones as you see fit. You can ease the transition of your passing for those who survive you. And you can help support BC’s public educational broadcaster for generations to come.
Bequests are gifts made through your will. They are the most common planned gift. Planned today, a bequest is paid to Knowledge from your estate assets following your death.
Q: Is making or changing a will difficult?
A: Ordinarily, it’s quite easy.
In making a will, you can get started by listing your assets and important personal possessions. Next, list the people, institutions, and causes you’d like to provide for through your estate. Then ask your lawyer or a notary to draft the will in the proper language. To change an existing will, all that is required is an amending document, or codicil. It can be that simple.
Q: What is the best way to make my bequest to Knowledge?
A: Your bequest may take any of several forms. Consider these possibilities:
- Specific: Knowledge would receive a specific dollar amount or a percentage of your estate.
- Residuary: Knowledge would receive all or a fraction of whatever remains after debts, taxes, administrative expenses, and specific bequests have been paid.
- Contingent: Knowledge would receive all or a share of your estate only in the event that other beneficiaries have passed away.
Q: Will my charitable bequest provide a tax benefit?
A: For most people, yes.
At your death, your estate is entitled to a donation receipt for the full value of your bequest, providing a significant tax credit on your final tax return.
Here’s an example:
Margaret J, a widow, leaves $10,000 to Knowledge and the remainder of her estate to her two children. Her bequest results in a tax saving of $4,500 (assuming a combined tax credit of 45%). If she had left the $10,000 to her children instead of giving it to the Knowledge Endowment, taxes would have consumed $4,500 and only $5,500 would have passed to the children.
Q: Does my charitable bequest have to be in cash?
A: No, you may also give real estate, securities, or works of art.
Because a charitable bequest is creditable up to 100% of income in the year of death, the tax credit will almost always exceed tax on the gain, resulting in some tax savings. Whether the bequest consists of cash or other property, any portion not usable because of the 100%-of-income limit can be carried back to the prior year, again subject to the 100% limit.
Q: How will my bequest be used?
A: Bequests are placed in the Knowledge Endowment. The interest from this fund is used to support acquisition and co-funding of Knowledge programming.
Q: I want to remember Knowledge in my will. How can I be sure I’m doing it correctly?
A: We recommend that you review our sample bequest language with your lawyer or notary.
Finally, please send us a will confirmation
When you have completed your will and included or added a provision for Knowledge, please let us know so that we can express our thanks and recognize your gift. With your permission, we will list your name among the growing number of those who have provided for future gifts to Knowledge. Public acknowledgement of your commitment may inspire others to take that important next step.
Errors and omissions excepted.
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