Types of Legacy Gifts

May 1, 2017 3:05pm
In many instances, legacy gifts (or planned gifts) will result in significant tax advantages for you now, and for your estate when you’re gone. If you are including us in your Will, our legal name is British Columbia's Women's Hospital and Health Centre Foundation.

There are a few different ways to leave a legacy. The most common are described below.

Residuary bequest

A gift of the remainder of the estate after all other bequests have been made and debts cleared is called a residuary bequest.

Pecuniary bequest

A gift of a fixed sum of money in your Will is called a pecuniary bequest. The value of pecuniary legacies will decrease over time, as the cost of living increases.

Specific bequest

A particular named item left as a gift in your Will is known as a specific bequest - for example, a piece of jewellery.

Contingent bequest

A gift in your Will that depends upon the occurrence of an event which may or may not happen is known legally as a contingent bequest. An example is a bequest to a charity which applies only if other beneficiaries named in the Will die before the testator (person who made the Will).

Life insurance

The Life Insurance Policy option is simple and easy to set up and works the same as other life insurance policies: you pay a yearly premium and receive the tax credits associated with charitable giving. Later, the Foundation receives your life insurance proceeds tax-free. Your gift passes outside your will with no probate delays.

Click here to view examples of wording to use in your Will.