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Make a charitable will bequest

Many people support charitable organizations through future gifts from their estates. A Charitable Will Bequest is a direction in your Will that instructs your Executor to leave your selected assets to a charitable organization.

Leaving a bequest to the Maritime Museum of BC can also have significant tax savings for your estate by reducing or eliminating your income tax liability of your death. A bequest is therefore a meaningful way to reduce your taxes and increase inheritances to your loved ones.

As a registered charity, the Maritime Museum of British Columbia does accept bequest in all forms. If you have any questions or want more information than what is listed below, please feel free to contact us at info@mmbc.bc.ca.

Benefits of Leaving a Bequest

Convenient: A bequest can be made no matter how young or old you are, and it can be in any amount you want. It can also be in the form of objects to leave for the Museum’s collection and/or program use.

Simple: It is easy to arrange. Simply instruct your lawyer to include a bequest to the Maritime Museum of British Columbia in your will.

Flexible: Your bequest can be for a specific amount, a specific item(s), a percentage of your estate, or the reside of your estate (a gift made after your debts have been paid and other bequest listed are made).

Cost effective: There are no extra out-of-pocket costs to you. Your present income will not decrease.

Tax Benefits: A bequest is a highly effective method to reduce estate taxes. The Maritime Museum of British Columbia will issue a charitable tax receipt for the full value of your bequest. This receipt will be used to reduce the tax payable on your final tax return. If your bequest exceeds 100% of your net income, the excess may be carried back to the previous year.

Control: You retain use of the charitable gift assets for the duration of your lifetime.

Leave a Legacy: Bequests are planned gifts that are made for very personal reasons. Your bequest symbolizes a lasting memorial for you, your family, or anyone else you may wish to honour.

 

Benefits to the Maritime Museum of British Columbia

The Maritime Museum of British Columbia benefits immensely from bequests. They help to establish long-term sustainability of the Museum, ensuring that future generations can benefit from the educational opportunities the Museum offers. If you able to inform us of your intention to include the Maritime Museum of British Columbia in your will, we will be able to plan our programs more effectively and make optimum use of your gift.

 

Sample Charitable Bequest Language

The Maritime Musuem of British Columbia strongly recommends that you seek professional legal advice to ensure that your financial goals are considered, your tax situation is reviewed, and that your planned gift is tailored to your family circumstances. Consult with your lawyer or estate planner regarding the specific working of any bequest.

The following are samples only for you to consider your options. They are listed here to outline the different kinds of bequests you can leave to the Museum. Make sure your lawyer or estate planner reviews the final wording in your will.

Specific, Unrestricted:

I give, devise and bequeath to the Maritime Museum of British Columbia located at H100-634 Humboldt St, Victoria BC, V8W 1A4, with the charitable registration number 10808 8014 RR0001 the sum of $ ____________________ to be used for its general purposes.

Specific, Restricted with Escape Clause:

I give, devise and bequeath to the Maritime Museum of British Columbia located at H100-634 Humboldt St, Victoria BC, V8W 1A4, with the charitable registration number 10808 8014 RR0001 the sum of $ ____________________ to be used for the following purpose(s): _________________________________. If the Maritime Museum of British Columbia is unable to apply all or part of these funds for the specific purpose(s) stated herein, the balance of this bequest not so extended may be used for its general purposes.

General Percentage Unrestricted:

I give, devise and bequeath to the Maritime Museum of British Columbia located at H100-634 Humboldt St, Victoria BC, V8W 1A4, with the charitable registration number 10808 8014 RR0001 the sum of ________ % of my estate to be used for its general purposes.

General Percentage Restricted with Escape Clause:

I give, devise and bequeath to the Maritime Museum of British Columbia located at H100-634 Humboldt St, Victoria BC, V8W 1A4, with the charitable registration number 10808 8014 RR0001 the sum of ________ % of my estate to be used for the following purpose(s): _________________________________. If the Maritime Museum of British Columbia is unable to apply all or part of these funds for the specific purpose(s) stated herein, the balance of this bequest not so extended may be used for its general purposes.

Residual Contingent Trust:

Upon the death of the survivor of my (wife, husband, etc.) __________________ and my (son, daughter, etc.) ____________________, I direct my trustee to transfer and deliver the balance of the residue of my Estate, including any undistributed income to the Maritime Museum of British Columbia $____________________ to be used for its general purposes.

 

Consider keeping us updated!

If you have included the Maritime Museum of British Columbia in your will, consider letting us know. We would love the opportunity to thank you properly, and to discuss your intentions so your gift is used most effectively according to your wishes.

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