A charitable will bequest is a direction in your will that instructs the Executor of your estate to leave your selected assets to a charitable organization. It is sometimes also called planned giving. There are many forms for this type of bequest to take.
Leaving a bequest to a charitable organization like the Maritime Museum of BC can have significant tax savings for your estate by reducing or even eliminating your income tax liability upon your death. A bequest meaningfully reduces your taxes and increases inheritances to your loved ones, while also furthering your community legacy by supporting the Maritime Museum of BC’s future.
For more information, please feel free to contact us directly at info@mmbc.bc.ca
Simple
A bequest is easy to arrange. Simply instruct your lawyer or estate planner to include a bequest to the Maritime Museum of British Columbia in your will.
Flexible
A 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). You can be any age to make a bequest.
Planned
A bequest only pertains to your estate upon your death. There are no extra out-of-pocket costs to you. Your present income will not decrease.
Controlled
A bequest allows you to retain use of the charitable gift assets for the duration of your lifetime.
Reduces 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.
Leaves a Legacy
A bequest is a planned gift that can be made for very personal reasons. Your bequest symbolizes a lasting memorial for you, your family, or anyone else you may wish to honour.
Sample Language
The Maritime Museum 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 wording of any bequest.
The following are only samples to illustrate your many options in planning a bequest to the Museum. Make sure your lawyer or estate planner reviews any final wording in your will.
Specific, Unrestricted:
I give, devise and bequeath to the Maritime Museum of British Columbia located at 744 Douglas St, Victoria BC, V8W 3M6, with the charitable registration number 10808 8014 RR0001 the sum of $ ____________________.
Specific, Restricted with Escape Clause:
I give, devise and bequeath to the Maritime Museum of British Columbia located at 744 Douglas St, Victoria BC, V8W 3M6, 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 744 Douglas St, Victoria BC, V8W 3M6, 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 744 Douglas St, Victoria BC, V8W 3M6, 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 BC in your will, consider letting us know. We know the impact of such a legacy, as we carry it out every day–and we would love to thank you properly! Discussing the intentions of your gift will allow us to use it most effectively according to your wishes.
