Giving a bequest gift in your will allows you to make a significant charitable contribution to Grandview Kids, which may not be possible to make during your lifetime. Remembering Grandview Kids in your will is an act that is generous, powerful and surprisingly simple. It allows you to leave a more significant gift than would be possible during your lifetime while still retaining control of your assets.
Benefits for you
1. Reduced taxes
- Grandview Kids will issue an official receipt for the full value of the will bequest. This receipt can then be used to reduce the tax payable on your final return.
2. Flexible and revocable
- A charitable gift can be made for any amount and is revocable at any time should your financial situation change.
3. Leave a lasting legacy
- Your charitable gift will leave a lasting legacy for you, your family or anyone you wish to honour.
Types of bequests
Pecuniary bequest
- A gift of a fixed or stated sum of money designated in a donor’s will.
Specific bequest
- A gift of a designated or specific item in the will. The item will most likely be sold by the organization and the proceeds would benefit that nonprofit.
Residuary bequest
- A gift of all or a portion of the remainder of the donor’s assets after all other bequests have been made as well as debts and taxes paid.
Contingent bequest
- A gift in a will made on the condition of a certain event that may or may not happen. A contingent bequest is specific and fails if the condition is not met.
