“…I only had one provision to add to my will, but it is one that is full of hope for the future of our students. I don’t have any second thoughts about this decision. I know just how much of an impact this donation will have and I’m confident it will be used and managed wisely.”
When you remember the HEC Montréal Foundation in your will, you will be letting your loved ones know how important higher education is to you and how committed you are to shaping the next generation so that our society as a whole can grow and prosper.
Make a specific bequest. Give a designated amount of money, an asset or a security.
Designate the HEC Montréal Foundation as a contingent beneficiary in the event of the death of a primary beneficiary.
Make a residual bequest. Gift all or part of what remains of your estate after other bequests and liabilities have been settled.
Designate the HEC Montréal Foundation as the beneficiary of an RRSP, RRIF, pension plan or life insurance policy.
Make a universal bequest. This is when you leave your entire estate to a designated beneficiary or divide it up among multiple beneficiaries, such as your loved ones and the HEC Montréal Foundation.
Create a trust in your will to meet the needs of your spouse and your family for a specified duration or for their lifetime. At the end of this period, the remaining capital, or a set portion thereof, would revert to the HEC Montréal Foundation. This approach means the amount of your gift will be adjusted automatically based on the increasing or decreasing value of your assets.
Create an endowment or long-term fund
Gifts in your will can be a great way to give even more to a cause you believe in, especially when the value of the assets in your estate exceeds the liquid assets at your disposal during your lifetime, which is often the case. You can choose to use your gift to set up an endowment or long-term fund in your name, your family’s name or in memory of someone who is important to you. This fund will become your lasting legacy and a way of continuing to have an impact for years to come.
Important. Effective January 1, 2016, gifts by will are not considered to be made by the donor prior to death. Instead they are deemed to be made at the time the property is actually transferred to the charity.
The executor (liquidator) may opt for the best solution for the donor and the estate.
You should know that there are mechanisms for transferring property assets between spouses that do not involve any tax consequences. You can therefore leave your entire estate to your spouse tax-free. However, if you do not have a spouse or your spouse predeceases you, the tax burden on your estate can be very heavy, as all assets will be deemed to be disposed of at fair market value.
Please let us know about the arrangements you have made.
The HEC Montréal Foundation’s CRA registration number is 118924158 RR0001.