Leaving a Bequest in Your Will...Your Life...Your Legacy
Most of us hope that we leave the world a better place. Leaving a gift or 'bequest' in your will is a wonderful way to turn this hope into reality. By identifying the South and Central Health Foundation in your will you will be making an investment in the health and well-being of every person living throughout the southern and central regions of Newfoundland for many generations.
Bequests are also commonly known as 'planned gifts' or 'legacy gifts' where a gift of money or property is transferred upon the owner's death, through a will. A bequest can specify that a certain percentage of your estate, a particular asset, or a specific dollar amount will be directed to the South and Central Health Foundation.
Our Foundation has the ability to designate your gift to a specific health facility, health program or health service of the Central Regional Health Authority to ensure that the legacy you leave is meaningful to you and to your family.
The added joy of leaving a bequest in your will is that this is quite a simple process...by far the easiest process of all planned giving options! Our staff would be happy to work with you as you consider this opportunity, and we encourage you to seek the guidance of your professional advisors such as lawyers, financial planners or accountants.
** Please note that the legal name of our charitable organization, for inclusion in a will, is the "South and Central Health Foundation."
Our charitable registration number is 1191 56909 RR0001.
What are the benefits of leaving a bequest in your will?
- You have the use of your assets during your lifetime.
- A bequest is a tax-effective means of supporting the South and Central Health Foundation.
- Your estate receives a tax receipt for the full value of the bequest. If the total bequest exceeds 100% of the net income on your final tax return, the excess may be carried back to the previous tax year.
- A bequest is a revocable gift; this provides flexibility as that it can be altered at any time should your circumstances change.
- You can designate your gift to a specific health priority that is of concern to you and your family.
A general bequest directs that the charity receives a specific piece of property, usually a sum of cash.
Example: "I give to the South and Central Health Foundation the sum of $20,000.00 to be used for the general purposes of the Foundation."
A residual bequest designates all or a portion of whatever remains after all debts, taxes, expenses and all other bequests have been paid.
Example: "I give to the South and Central Health Foundation all of what remains of my estate following the distribution of my personal articles, and after paying any debts, taxes and expenses, for the general purposes of the Foundation." OR
Example: "I give to the South and Central Health Foundation forty percent (40%) of the residue and remainder of my estate, to be used for the general purposes of the Foundation."
A contingent bequest takes effect only if the primary intention cannot be met.
Example: "If any of the beneficiaries named in this will should die before becoming entitled to receive their distributive share of my estate, I direct my Estate Trustee to transfer the share to which such beneficiary would otherwise have been entitled to the South and Central Health Foundation to be used for the general purposes of the Foundation."
For more information please contact our Foundation office at (709) 292-2393.