WAYS TO GIVE, LEGACY GIVING, FOR PROFESSIONAL ADVISORS

For Professional Advisors

Your role helps create a healthier future for New Brunswickers

We’re grateful for your partnership, and for the important role you play in helping us envision a future in healthcare and improved well-being for every New Brunswicker.

Gifts from an estate can come in many shapes and sizes, including gifts of stock and securities, gifts of life insurance, gifts of RRSPs or RRIFs. Regardless of what form they take; each planned gift not only establishes a lasting legacy of healthcare excellence but may also enjoy substantial tax benefits.

We are happy to work with you and your client to ensure the estate gift that is left makes the most financial and philanthropic sense and captures a legacy that is as unique as the individual.

You are welcome to contact us at any time and our conversation will be confidential.

Resources

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Sample Will Wording

Bequests for Unrestricted Purposes

Unrestricted purpose: your gift will be applied to “greatest needs”

General Bequest: directs that the charity receive a specific amount or a certain kind of property, usually a sum of cash.

“I give, devise and bequeath the sum of ______ dollars to the Saint John Regional Hospital Foundation in the City of Saint John, New Brunswick, to be used for such purposes as the Board of Directors of the Saint John Regional Hospital Foundation may from time to time determine. I declare that the receipt of the Treasurer, or other person properly authorized to give receipts, shall be a sufficient discharge of my Executor.”

Specific Bequest: directs that a charity is to receive a specific piece of property.

“I give, devise and bequeath ______________[example: “100 units of my shares in XYZ Mutual Fund”; “my cottage located _____”] to the Saint John Regional Hospital Foundation in the City of Saint John, New Brunswick, to be used for such purposes as the Board of Directors of the Saint John Regional Hospital Foundation may from time to time determine. I declare that the receipt of the Treasurer, or other person properly authorized to give receipts, shall be a sufficient discharge of my Executor.”

Contingent Bequest: takes effect only if the primary intention cannot be met (e.g. if the primary beneficiary does not survive the donor). This ensures that the property will pass to the charity rather than unintended beneficiaries (including government).

“If ____[name of primary beneficiary] does not survive me, or shall die during the administration of my estate, within ninety (90) days from the date of death, or as a result of a common disaster, then I give, devise and bequeath _____to the Saint John Regional Hospital Foundation in the City of Saint John, New Brunswick, to be used for such purposes as the Board of Directors of the Saint John Regional Hospital Foundation may from time to time determine. I declare that the receipt of the Treasurer, or other person properly authorized to give receipts, shall be a sufficient discharge of my Executor.”

Residual Bequest: designates all or a portion of whatever remains after all debts, taxes, expenses and all other bequests have been paid.

“I give, devise and bequeath_______[a portion of, example: “25% of”; all of, example: “100% of”] the rest and residue of my estate to the Saint John Regional Hospital Foundation, in the City of Saint John, New Brunswick, to be used for such purposes as the Board of Directors of the Saint John Regional Hospital Foundation may from time to time determine. I declare that the receipt of the Treasurer, or other person authorized to give receipts, shall be a sufficient discharge of my Executor.”

Bequests for Restricted Purposes

Restricted purpose: you have identified a specific area of care, field of interest, etc., that you wish your gift to be directed to.

“I give, devise and bequeath ___________ [cash example: “the sum of $10,000”; property example: “100 units in XYZ shares”; residual example: “50% of the rest, residue, and remainder of my estate”] to the Saint John Regional Hospital Foundation in the Saint John, New Brunswick, to be used to treat children in the [example: “Oncology Clinic of the Saint John Regional Hospital”]. I declare that the receipt of the Treasurer, or other person properly authorized to give receipts, shall be a sufficient discharge of my Executor.”

Note: We recommend that you include language that permits the charity to use the gift for a different purpose if circumstances change that make it impossible or impracticable to carry out the original purposes. This is called a Power to Vary clause.

“In the event that, in the opinion of the Board of Directors of the Saint John Regional Hospital Foundation, it should become impossible, inadvisable, or impractical to apply this gift for said purpose, the gift may be used for other purposes consonant with the spirit and intention of this gift.”