Leave a gift in your will

A gift in your will (also known as a bequest) is the simplest and most common type of planned gift. It doesn’t impact your finances today and makes a world of difference in students’ lives tomorrow.

• You can make a significant gift that may not have been possible during your lifetime.
• You retain the full use of your assets during your lifetime.
• It reduces taxes payable by your estate.
• If, during your lifetime, your financial circumstances change, or you change your mind for any reason, a gift in your will can be revoked with a simple update to your will.

You make a direction in your will to give specific assets to named beneficiaries. 

There are three main types:

1. Residual gift – Designates a beneficiary to receive all or a portion of what remains after all debts, taxes, administrative expenses and any other specified bequests have been paid.
2. Specific gift – Designates a beneficiary to receive a specific sum of money, a specific piece of property, a specific asset (such as publicly traded securities) or a specific portion of your estate.
3. Contingent gift – Takes effect only if the primary intention cannot be met (i.e. if the named primary beneficiary did not survive the donor). This ensures the property will pass to a charity rather than to unintended beneficiaries.

Residual gift – unrestricted

“I give to the University of Waterloo (Charity/BN Registration: 119260685 RR0001), at Waterloo, in the Province of Ontario, _____ per cent ( ___%) of the residue of my estate, to be used for the general purposes as deemed appropriate by the University of Waterloo.”

To ensure your wishes can be met, it is important to discuss the terms of a bequest with the University before your will is drawn up or amended. Our Planned Giving team can provide appropriate wording and explain various options to assist in your conversations with your legal advisor.