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Bequests

Leave a lasting legacy in your will once the needs of your loved ones have been met.


Wills are the central pillars of estate planning. You can make a gift by will, known as a bequest, for a specific dollar amount or item, or for a share or a percentage of your estate.


Benefits of making a bequest:

  • You have the use of the asset during your lifetime

  • A bequest reduces taxes owed by your estate

  • A bequest is revocable and can be modified if your financial circumstances change


What bequest wording to use:


Suggested Wording for an Expendable Bequest to Grace Church on-the-Hill:

“To pay to The Incumbent and Churchwardens of Grace Church on-the-Hill, Toronto, Ontario (Canadian charitable registration number BN #118943646RR0001) _____ % of the residue of my estate [or the sum of $____________] to be used for such purposes and designs as deemed appropriate by The Incumbent and Churchwardens of Grace Church on-the Hill.”

Note: Expendable bequests are used in their entirety for areas of greatest need, generally within a relatively short time frame.

Suggested Wording for an Endowed Bequest to Grace Church on-the-Hill:

“To pay to The Incumbent and Churchwardens of Grace Church on-the-Hill, Toronto, Ontario (Canadian charitable registration number BN #118943646RR0001) _____ % of the residue of my estate [or the sum of $____________] to be applied to the [Music/ Pastoral/ or General Endowment], the annual income from which to be used to support such activities in perpetuity.”

Note: Endowed bequests are invested in perpetuity and only the income is spent on an annual basis.

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