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Bequests are the most frequent type of planned gift received by non-charitable organizations. They are gifts and dispositions of property made under a will and directed to a specific beneficiary. Bequests can be designated or undesignated, according to the donor’s wishes and the priorities of C.D. Howe Institute.

Types of Bequests

  • Specific — A distribution of a specific dollar amount or a particular piece of property
  • Conditional — A distribution made after other conditions or directions are met
  • Residual — A distribution made after other payments, debts and gifts are fulfilled

A bequest can also be subject to a trust.  A testamentary trust can be a very useful estate-planning tool when a donor wishes to provide a lifetime income to a named beneficiary, while at the same time providing a substantial gift to C.D. Howe Institute.

Benefits to a Donor

  • Allows the donor to feel confident that they have not only provided for family members but have also left a legacy to a cause that they believe in.
  • Entitles their estate to a charitable gift receipt for the full value of the bequest.  This can significantly reduce the tax payable when the final income tax return is filled.  Their estate may claim gifts in the year of death equal to 100 per cent of their net income in that year and proceeding year.
  • Provides the use of their assets during their lifetime.
  • Provides flexibilities to designate their gift to a C.D. Howe Institute priority that meets their interest or provide undesignated support to be directed to the greatest area of need.
  • Provides flexibility as a bequest is revocable and can be changed if the donor’s financial circumstances change.

Sample Bequest Wording:

The legal name of the C.D. Howe Institute is "C.D. Howe Institute."

  • Bequest of Residue (Discretionary)

"All the rest, residue (or share of the residue), and remainder of my estate, both real and personal, I give to the C.D. Howe Institute for its general purposes."

  • Bequest of Residue (Designated)

“To pay C.D. Howe Institute the residue (or share of the residue) of my estate for __________ (list specific program area).”

  • Specific Bequest (Discretionary)

"I give, devise, and bequeath to the C.D. Howe Institute, the sum of $________(or a description of the specific asset, or ________% of my estate), for the benefit of the C.D. Howe Institute and its general purposes."

  • Specific Bequest (Designated)

“To pay C.D. Howe Institute the sum of $______ for ___________(list specific program area).”

As projects to be funded may alter over time in terms of priorities, it is recommended that the following clause be added when the bequest is designated, in order to ensure the usefulness of the donor’s gift:

“In the event that circumstances make the specified use of this bequest no longer practical or desirable, the Board of Directors of C.D. Howe Institute is hereby authorized to make changes in its use while keeping as close as possible to the spirit and general intent of the bequest.”