May is Leave a Legacy Month

May 16, 2024

A bequest or gift by will is a simple and thoughtful way to leave a personal legacy, representing your life and values. Whether it is a set dollar amount or a percentage of your estate, a bequest in your will allows you to make a difference for generations to come.

“I want Wellspring to be able to serve people with cancer for as long as possible. To do this, they need ongoing donations of any kind.”
Doreen Pinto, Wellspring member and legacy donor

Q: Why is it important to have a will?
A: A will is the most effective way to ensure the people and causes you care about are provided for and your assets are distributed according to your wishes. A will can be structured to reduce or eliminate the taxes on your estate and the burden on your beneficiaries.

If you pass without having a will, there can be significant delays, extra legal costs, and the court determines how your assets will be divided. For example, your children will inherit their entire share at age 18, and any gifts you want to give to charity are impossible.

Q: What are the different ways of leaving a gift in my will?
A: There are many ways to leave a gift to a charity in your will, but the two most common are:
Residual bequest: A residual bequest is designated as all or a percentage of the estate’s residue after all payments are made, including debts, bills, taxes, and gifts to family members.
Specific bequest: A bequest is a gift of a specific amount, or an asset such as a house, stocks, or securities.

Q: Could I name Wellspring in my will?
A: Yes, the legal name to include in your will is Wellspring Cancer Support Foundation. You can contact Christine Mieczkowski at 416-480-4440 Ext. 247 or christine@wellspring.ca to request additional sample wording to include in your will.

Q: How will Wellspring use my bequest?
A: A bequest to Wellspring will provide expert-led supportive cancer care programs and services to a growing number of cancer patients well into the future.

Learn more about Leaving a Legacy with Wellspring. 

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