Few legal instruments are more important to the people and causes you care about than your Will. Through a bequest, you can also have a direct impact on the future of Conestoga’s academic excellence and create a legacy that will live on for future generations. To make a gift to Conestoga from your estate, you must draft a new Will or add a codicil to your present Will. A bequest may be of any amount, restricted or unrestricted. It can include cash, securities, real estate, other property or a percentage of the residue of your estate.
To ensure that your wishes are honoured, a bequest should be prepared in consultation with your lawyer and discussed with the Development Office at Conestoga.
Advantages of Bequests
- A bequest allows you to make a substantial gift in the future without diminishing your assets today. In other words, it costs nothing now—yet it may give you a great deal of satisfaction to know that your gift will live on.
- Your estate will receive a valuable tax credit for your final tax return. The credit can be applied to up to 100 per cent of your net income in the year of death and the preceding year. This credit can save your estate a considerable amount of tax, particularly if you have RSPs or large holdings of appreciated assets that will be deemed to have been sold at your death. Additional tax savings can be achieved through specific bequests of appreciated listed securities and mutual funds. Working with your financial advisors, we can help you maximize the tax benefits from your gift planning.
- Bequests are flexible. You may make a bequest anonymously, and you have the flexibility to change it at any time.
- With bequests of $25,000 or more, you may create a named endowed fund that will provide Conestoga with continuing support.
Things to Consider When Making a Bequest
What type and amount of bequest do you want to make?
- You can make a general bequest of a specified amount of money
- You can choose a residual bequest, which gives all or a percentage of the remaining estate after all debts, taxes and other bequests have been paid.
- You may choose to make a specific bequest, ensuring that Conestoga receives a specific piece of property, such as a collection of books or a financial asset.
- A contingent bequest comes into effect when you designate the college as a second beneficiary. If the first beneficiary you have named is not able to receive the gift, it is then directed to the second beneficiary.
Do you want your bequest to be unrestricted or restricted?
An unrestricted gift provides the college with flexibility to use bequests where they are needed most. However, some donors have personal philanthropic interests they wish to support through their gifts. For example, donors may specify that a particular school or program be the recipients of their bequests or that the gift be directed toward specific Student Aid/Awards, library acquisitions, or research.
Do you want your bequest to be endowed or expendable?
If a bequest is $12,500 or more, the donor may choose to establish an endowed fund. Endowed funds provide income every year in perpetuity to carry out the wishes of the donor. Endowed funds may also be named to honour the donor or a loved one. If you decide you want your bequest to be expendable, both the principal and any income are spent for the designated purpose.
Do you want to be recognized or remain anonymous for your bequest?
Many donors choose to allow Conestoga to recognize their bequest in our donor report. This is our way of recognizing you and encouraging others to consider a similar type of gift. Bequest amounts are not disclosed. Of course, any request for anonymity is strictly observed.
Establishing a Bequest
A bequest is a simple but powerful way to make a gift to Conestoga. If you haven’t already done so, please consider putting Conestoga College Institute of Technology and Advanced Learning in your will. The Development staff at Conestoga would be pleased to work with you and/or your lawyer to help you establish a bequest, including providing sample language tailored to your specific interests.
If you have made arrangements to make a bequest to Conestoga, we request that you send us a completed Statement of Intent (pdf) form so that we may ensure proper administration of your gift.
Please contact us for more information about establishing a bequest at Conestoga.