Bequests + Wills

A bequest is a gift that is part of your will that costs nothing now, yet gives you the satisfaction of knowing you are providing for the University of Alberta in the future.

Think of it as one of the most significant and flexible ways to support the university. Charitable bequests can be an easy way to give — not altering your current lifestyle — and may include cash, publicly traded securities, real estate or tangible personal property.

A bequest is one of the most common types of legacy gifts that the University of Alberta receives from its alumni and friends. The most common types of bequests are:

Residual bequests: Designate all or part of your estate to the U of A. The advantage is that there is no need to update that part of your will, even as your estate adjusts in size.

Specific bequests: Designate a fixed dollar amount or a specific property to the U of A. The advantage is that the size of the gift remains fixed and is the first to be distributed.

Benefits of making a gift through a bequest

• You can make a larger gift through accumulated assets
• You maintain control and use of your assets during your lifetime
• You can modify your bequest if circumstances change
• Your estate is entitled to a charitable tax receipt for the full gift value
• Making a charitable bequest will recognize you as a member of the Quaecumque Vera Honour Society and you can learn how you will make a difference in the future

How it Works

A donor leaves $150,000 to the University of Alberta in her will. Assuming the total net income on her final tax return was $100,000, and her net income the previous year was $75,000:

1. A donation of $100,000 can be claimed on her final tax return.
2. A donation for the remaining $50,000 can be claimed on her previous year's return.
3. Her estate receives a total tax credit* of $75,000 between her final two tax returns.

* Tax credit depends on donor's income and specific circumstances

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