Bequests

Plan for the future

A bequest is a gift made through a will and may include cash, marketable securities, closely held stock, real estate, or tangible personal property. A bequest is one of the most common types of planned gift that McGill University receives from an individual.

There are several types of bequests to choose from:

• Specific bequest – Designate a fixed dollar amount or specific property to McGill.

• Residual or proportional bequest – Designate either your entire estate or a percentage of your estate after other specific bequests are distributed. The advantage of designating a portion of your estate to McGill University is that the bequest automatically adjusts in size as your estate increases or decreases over the years.

• Contingent bequest – McGill is only given a bequest in the event of the death of the primary beneficiary named in the will.

• Testamentary trust – A testamentary trust is one that is created as part of the provisions of your will to assure the long-term fulfillment of your wishes. It allows you to devise a trust to provide for the ongoing needs of your spouse and family, while retaining the capital to provide a legacy to McGill.

Things to consider

• You enhance the value of your estate, as bequests may enable you to minimize federal and provincial estate taxes.

• Bequests may allow individuals to make much larger gifts than they could during their lifetimes.

• Designations for bequests are revocable so you retain control of assets during your lifetime.

• 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.

• You can support a University priority that meets your interest, such as student aid, building projects, programs, or research. (We encourage you to do so in consultation with the Bequests and Planned Gifts staff.)

• There is no minimum giving level for bequests.

• When drafting your will, you may use "McGill University" or "Royal Institution for the Advancement of Learning" for our legal name, and our business number is #11912 8981 RR0001.
  
  

Suggested wording for bequests to McGill University or the "Royal Institution for the Advancement of Learning"

General Clause: "I give and bequeath the sum of $....... (or ….% of the residue of my estate) to McGill University at Montreal, Quebec, Canada for the general purposes of the University and its greatest needs (or, if restricted, to the Faculty/School of …………. for its general purposes and greatest needs)."

Designated Bequest: "I give and bequeath the sum of $....... (or ….% of the residue of my estate) to McGill University at Montreal, Quebec, Canada for student aid (or other designation) in the Faculty of ………….."

Named Endowment Fund Bequest: "I give and bequeath the sum of $....... (or ….% of the residue of my estate) to McGill University at Montreal, Quebec, Canada to establish an endowment fund, the income of which is to be used by McGill University for a scholarship (or insert other designation, for example: fellowship, bursary, loan, other award or University Libraries, or fund to be used at the discretion of the Dean or director of the Faculty/School of ………..…) in my name (or in memory of …………….)."

Planning for the future

Have you included McGill in your estate plans? If so, we invite you to complete the “My Gift for Future Generations” letter and return it to the Bequests & Planned Gifts Office. This document ensures that your wishes are fulfilled and that your gift is used as you have specified. You may direct your gift to support a specific faculty, school or department, or any other areas of your choice, such as scholarships, professorships, research and libraries. Unrestricted gifts are used by the University to address its most pressing needs at the time of receipt. We hope you will take a moment to complete this form and return it to us.