Diocese of Saskatoon

Planned (Legacy) Giving FAQ

What about using some of the money in my RRSP or other retirement plan to make a charitable bequest? Is this a good idea?

Yes. The combined impact of estate and income taxes can, in some cases, take up more than 70% of the assets in a retirement plan. However, if you fund a bequest to a charity from retirement plan assets, the full amount of the retirement plan assets can pass to the charity without estate or income taxes.

What is a contingent bequest?

A contingent bequest is often made by a childless donor who wishes to leave the bulk of their estate to their favorite charity, but there is a partner or sibling who needs to be provided for if they survive the donor.  The will states that the bequest will be made in full only if the partner or sibling predeceases the donor.  However, a testamentary charitable remainder trust may also be set up in the will.  Under this arrangement, the bequest would pass to a trustee who would invest the money and pay the net income to the partner or sibling for life.

How do I leave a gift in memory of a person or for a specified purpose?

A gift is a wonderful way to recognize someone who has made a difference in your life. You may also want to give to a specific cause like a diocesan ministry or program, your parish, or other charity.  This kind of memorial gift can be arranged in your will, the same way that you would leave a personal gift from your estate. You just need to make it clear that the gift is given in memory of a particular person or for a specific use.  You can also leave a Memorial gift through making a current or planned gift to the Stained Glass Window Memorial Fund.

Taking the first step

Think about to whom and why you’d like to leave a gift. Maybe you or someone you know has been helped by a particular organization. Maybe you’re an active volunteer or believer in the mission. You might want to leave a gift in memory of a loved one or for a specific use. If you need more help or you need to know more about a particular organization, do some investigating before leaving a gift. Call the nonprofit group of your choice. They can help you better understand what they do and what opportunities are available for giving. Contact your professional advisor for help.

Why do I need a will?

At your death, a will serves as a road map telling your personal representative how to distribute your property and assets to family, other people, the church, and/or charities. With a Will, you can honor commitments to family and friends, and also support your faith community.  Without a will, you are powerless over how your assets are distributed. Instead, the laws of the Saskatchewan determine how assets are divided- which may not be the way you would have wanted.

What is a bequest?

A bequest means that your will states that a part of your estate is left to a beneficiary.  A beneficiary may be a person or a charitable organization.  A charitable bequest is a transfer of assets or property at death by will to a not-for-profit organization or organizations for charitable purposes.

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