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A bequest is a future gift outlined in your Will. In addition to planning for the well-being and financial security of your loved ones, your Will is a valuable tool for communicating your charitable wishes and defining your legacy.

Remember Queen’s with a bequest - a gift by Will. Your estate will be eligible for a tax receipt for the value of the bequest up to a limit of 100 per cent of your net income in the terminal and preceding year.

Benefits of making a Bequest

• Satisfaction of making a meaningful gift to Queen’s that is important to you – e.g., student aid, a particular program, research initiative, or area of greatest need.
• Your estate may claim gifts in the year of death equal to 100 per cent of your net income in that year and the preceding year.
• Continue to use the gift during your lifetime.
• A bequest can be modified or withdrawn if your financial circumstances change.
• Depending on the size of the gift, you can establish an endowed fund and name it in honour of someone close to you or secure your personal legacy.

Options for making a Bequest

• Make a bequest of cash, securities, or other property.
• Designate a specific dollar amount, a particular asset, or a percentage of your estate.
• Leave all or a portion of your remaining estate to Queen’s after you have provided for your other beneficiaries.
• Name Queen’s as a contingent beneficiary of your estate if other beneficiaries do not survive you.
• Create a Trust through your Will – your beneficiaries will receive income from the trust for a fixed term or for life, following which all or a portion of the remaining capital can be passed to Queen’s.

When creating your Will, please include Queen’s University at Kingston, Canada, B/N 10786 8705 RR0001 in your bequest clause. Recognizing that university programs and services evolve over time, we also suggest that you include a Power to Vary clause authorizing Queen’s to use your gift for a purpose as close to the original spirit and intent of your gift as possible.

To ensure that your gift can be used as you intend, please contact our Gift Planning Team to discuss your bequest clause. We will work with you to personalize Will wording for review with your lawyer.

Sample Will Clauses

Capital Bequests:  Unrestricted Use

“I give, devise and bequeath to Queen’s University at Kingston, Canada, the sum of $ ______, (or % share of my estate, or the residue of my estate) for the use and purposes of the University as its Board of Trustees may determine”.

Capital Bequest:  Restricted Use

“I give, devise and bequeath to Queen’s University at Kingston, Canada, the sum of $ ______, (or % share of my estate, or the residue of my estate) to be used for _______________________________________________________.”

Over time, the needs of Queen’s University may change due to revisions of program offerings, developing research interests and external considerations. For that reason, we urge donors who have restrictions identified in their bequest language to also include the following Power to Vary statement in their bequest clause.

Power to Vary statement:

"In the event that circumstances make the specified use of this gift no longer practical or desirable, the Board of Trustees of the University are hereby authorized to make changes in its use in keeping as far as possible with the spirit and general intent of the gift."

Please contact our Gift Planning Team with your questions or for further information. 
We strongly encourage you to consult with your lawyer, accountant, or other financial advisors before finalizing your planned gift.

A gift of life insurance offers the opportunity to secure a lasting legacy at a fraction of the final value of the gift. If you make Queen’s the beneficiary of your insurance policy, your estate will receive a tax receipt equal to the death benefit proceeds paid to Queen’s.

Options for Gifting Life Insurance

• Transfer the ownership of an existing or new policy to Queen’s University.  You will receive a tax receipt for the fair market value of the policy and for premiums paid after the date of transfer.
• Name Queen’s University as the beneficiary of your policy. Your estate will receive a tax receipt for the full amount of the proceeds received by Queen’s University.

Benefits of Gifting Life Insurance

• A gift of life insurance allows you to arrange a substantial future gift to Queens at a relatively low cost.
• Valuable current or future tax benefits are available depending on the structure of your gift.
• Satisfaction of making a meaningful gift to Queen’s that is important to you – e.g., student aid, a particular program, research initiative, or area of greatest need.
• Depending on the size of the gift, you can establish an endowed fund and name it in honour of someone close to you or secure your personal legacy.

Ideas to Maximize the Benefits of Life Insurance 

Wealth Replacement– Use life insurance to replace donated wealth to take care of family or other causes in your community. This can be done during your lifetime, or through your Will.

RRSPs/RRIFs and Taxes– Name Queen’s as the beneficiary of your RRSP/RRIF (or alternate beneficiary after your spouse) with the full value transferring to Queen’s upon your passing (or the passing of your spouse) and set up a life insurance policy with proceeds equal to the value of your RRSP/RRIF to benefit your children. This helps you provide an inheritance for your children, create a lasting legacy for Queen’s and minimize taxes paid by your estate.

Insured Annuity – Purchase an annuity and then use the income generated from the annuity to pay for life insurance premiums. The insurance death benefit can be directed to your heirs tax-free.

Tax Deductions – If Queen’s is the beneficiary of your life insurance policy, your estate will be entitled to a charitable tax credit, which can be used to help offset tax liabilities in your estate (i.e. capital gain tax owing on a family cottage).

Please contact our Gift Planning Team with your questions or for further information.
We strongly encourage you to consult with your lawyer, accountant, or other financial advisors before finalizing your planned gift.

Gifts of registered retirement savings – Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) and Tax-Free Savings Accounts (TFSAs) – allow you to make a significant gift to Queen’s while meeting your needs and those of your loved ones.

At death, the total value of the funds in your registered retirement account must be reported as income and is fully taxable to your estate unless funds in the registered account can be rolled over to a surviving spouse or a dependent child.

You can name ����ֱ�� as a beneficiary, or an alternate beneficiary, for all or a portion of any retirement funds remaining in your account.

Benefits of Making a Gift of Registered Retirement Funds 

• Your estate will receive a tax receipt for the value of the funds received by Queen’s.  The resulting tax credit will help to offset tax owing on the funds by your estate.
• The funds pass to Queen’s University directly and are not subject to probate fees.
• You have the use of the registered retirement funds during your lifetime.
• The gift is easy to make – simply obtain a beneficiary designation form from your plan’s provider and complete the form with Queen’s legal name: Queen’s University at Kingston, and charity number: B/N 10786 8705 RR0001
• You have the satisfaction of arranging a meaningful gift to Queen’s that is important to you – e.g., student aid, a particular program, research initiative, or area of greatest need.

Gifting Options 

• Endow a scholarship in your name.
• Create a named fund in honour or in memory of a loved one, or someone who has made a difference in your life.
• Enhance and renew physical facilities on campus.
• Support ongoing research, or an area that is close to your heart.

Please contact our Gift Planning Team with your questions or for further information. 
We strongly encourage you to consult with your lawyer, accountant, or other financial advisors before finalizing your planned gift.