SPECTRUM Waterloo Region’s Rainbow Community Space is grateful to receive bequests under a will. When the time comes to update your will – something that should be done every five years or when family connections change – it is time to consider what you would like to leave to the purposes that have the greatest significance to you.
Your will gives you a chance to set down gifts that survive you. These can be quite large: your assets might include a house, cottage, RRSPs, RIFs and similar non-sheltered investments, life insurance… the accumulation of an entire lifetime.
Bequests result in large gifts and that results in large tax receipts. A tax receipt from SPECTRUM will shield a great deal of your other assets from tax and result in greater gifts to your family.
Please feel free to get in touch with SPECTRUM to talk over your intentions. If your intention is to gift a portion of your estate to SPECTRUM, it may also be useful to leave an addendum with your will stating your intention. This can help guide your family during this difficult time.
Below, you will find suggested wording examples for your will to help clarify your gift intentions to SPECTRUM.
Suggested Wording for Effecting a Bequest in your Will
- I give, devise and bequeath to SPECTRUM Waterloo Region’s Rainbow Community Space (dollar amount or gift of property or portion or percent of the residue) to be used in such manner as the organization may direct.
- I give, devise and bequeath to SPECTRUM Waterloo Region’s Rainbow Community Space (dollar amount or gift of property or portion or percent of the residue) for the Chrysalis Fund for Mental Health, for disbursement in such manner as the organization may direct.
- I give, devise and bequeath to SPECTRUM Waterloo Region’s Rainbow Community Space (dollar amount or gift of property or portion or percent of the residue) to be invested as SPECTRUM Waterloo Region’s Rainbow Community Space sees fit for the purpose of funding an endowment, for meeting annual operating expenditure, or…
After examples 2 or 3 above, the following wording should be included:
Recognizing that at some time in the future it may be found that the income from the fund cannot be usefully applied for the expressed purpose, then the income and capital may be used for any other related purpose approved by SPECTRUM Waterloo Region’s Rainbow Community Space which is within the general aims and objectives of SPECTRUM, keeping in mind the original wishes of the donor.
The receipt of the person who professes to be the proper agent of SPECTRUM Waterloo Region’s Rainbow Community Space to receive this bequest shall be sufficient discharge therefore, and my Trustee shall be under no obligation to see that the trusts thereof are carried out.
Any matching grants obtainable as a result of this bequest shall be used at the discretion of SPECTRUM Waterloo Region’s Rainbow Community Space to ensure or enhance the continuance of the fund for the purposes intended.
Memorandum of Understanding
If you reach out to SPECTRUM to let us know that you are planning to make a bequest, you may wish for us to sign a memorandum of understanding with you about the purposes of your gift or your reasons for giving. Such a memo is not legally binding and can be changed at any time by the donor.
Here is a format for recording our mutual understanding:
MEMORANDUM OF UNDERSTANDING
Between
Donor’s Name:
And SPECTRUM Waterloo Region’s Rainbow Community Space
SPECTRUM Waterloo Region’s Rainbow Community Space is pleased to be designated as a beneficiary of the Estate of (Donor’s Name).
This Memorandum of Understanding is intended to document the intended purpose of this charitable bequest at the time it is received to the mutual consent of the donor(s) and SPECTRUM.
Recognizing that at some time in the future it may be found that the income from the fund cannot be usefully applied for the expressed purpose, then the income and capital may be used for any other related purpose approved by SPECTRUM Waterloo Region’s Rainbow Community Space which is within the general aims and objectives of SPECTRUM, keeping in mind the original wishes of the donor.
- The Donor(s): This paragraph should specify that the charitable bequest is being made through the Estate of (Name)
- Designation of the Gift: This paragraph should outline the intents of the gift; ie. The donor(s) have an expressed interest in supporting the following purposes:
-Transgender services
-Youth services
-etc.
- Form of the Gift: This paragraph should provide any specific details regarding the nature of the gift. For example, if it is a gift intended to establish a new fund, specify the form and name of the fund, as well as referring to any relevant policies already in place at SPECTRUM Waterloo Region’s Rainbow Community Space (eg. an investment policy).
- Specifications:This paragraph will outline specific intentions as identified by the donor, for example, any eligibility criteria, number of awards, and so on. This may also identify the donor’s secondary wishes should SPECTRUM be unable to fulfill their initial intention.
- Independent Advice: It is the strong preference of SPECTRUM that all donors seek independent, qualified advice before making a charitable bequest. SPECTRUM is not privy to all of the donor’s circumstances and is not in a position to provide informed advice on the structure, timing or amount of the gift. SPECTRUM will endeavor to work with the donor’s advisors and executors to make the gift a successful one.
We agree to the Memorandum of Understanding as outlined above:
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It is SPECTRUM’s honour to publicly recognize the donations we receive. If you would prefer your bequest to remain anonymous please stipulate that. If you would like to write a brief statement about why you are supporting SPECTRUM we would be very pleased to share this publicly as well.