Perhaps the most common planned giving arrangement for the benefit of VIU is a will bequest. Charitable gifts made by will are 100% tax deductible. As with current gifts, bequests may be designated either as unrestricted - giving the University the most flexibility - or restricted; that is, designate for a specific purpose.
Types of bequests
The most common types of bequests are:
Specific Bequest- VIU receives a specific dollar amount or percentage of an estate.
Residual Bequest- VIU receives all or a percentage of the remainder of a donor's estate after other specific legacies have been fulfilled.
Contingent Bequest - VIU receives all or a share of the estate after the death of other named beneficiaries.
Remainder Trusts - Named beneficiaries receive income from a trust established in the will. Upon the death of the surviving beneficiaries, all or part of the principal passes to VIU.
How do I make a bequest?
If you are contemplating a major change in your current will, or if you are about to draft a new will, a bequest to VIU is a simple inclusion. We have prepared suggested wordings, which will assist you in discussions with your lawyer, and we would be pleased to forward a copy at your request. If you have a will and are contemplating a bequest to VIU, you should discuss a codicil with your lawyer.
Benefits to you
- Your assets remain in your control during your lifetime
- You can modify your bequest if your circumstances change
- You can direct your bequest to a particular purpose (be sure to check with the University to ensure your gift can be used as intended)
- There is no upper limit on the estate tax deductions that can be taken for charitable bequests
- You know that your gift will benefit VIU tomorrow just as you intend it to today
The staff of the Advancement & Alumni Relations Office will work closely and confidentially with you and your advisors to ensure your planned gift suits your financial and philanthropic needs. Please contact Jason Coates, Advancement & Alumni Relations Office, Major Gifts and Legacies at firstname.lastname@example.org or at 250.740.6258.