Supporting Schulich Through Your Will
You can help Schulich School of Business plan for the future with a bequest in your will.
What is a Bequest?
A bequest is a future gift outlined in your will.
What are the Benefits?
A bequest allows you to continue caring for your family today, while providing a legacy gift to Schulich* tomorrow. When your gift is realized, your estate will receive a tax receipt. It may be applied to up to 100% of your net income in the year of death or the year previous, which may significantly reduce the estate tax owing.
What Might my Bequest Support?
Unrestricted bequests can be used by Schulich for the area of greatest need. Or you may choose to designate your bequest to a specific purpose, such as scholarships and financial aid, chairs, capital improvements, programming or another approved project. You will also have the choice of making an expendable gift, which will be spent during the fiscal year it is received, or an endowed gift, which will be invested in perpetuity with only a portion of the income applied each year for the stated purpose.
How Do I Get Started?
Talk to your lawyer about your plans and how best to structure the bequest in your will (see sidebar). It is strongly recommended that you consult with Schulich’s gift planning team for advice on the correct wording (see reverse for sample bequest wording) and to ensure your wishes are fulfilled.
How Will my Bequest Be Recognized?
Depending on your gift designation, you may have the option of naming your chair, scholarship or space. When you share your plans to include Schulich in your will, you will become a lifetime member of The White Rose Legacy Circle. Your name will be printed in donor listings, and you will receive front-of-the-line privileges for select York University events and a special invitation to our annual, members-only event. With your membership, you will become a part of Schulich’s special donor family — those who are integral to our future and part of our distinctive international alumni network.
*When naming Schulich as beneficiary of a bequest in your will, the correct legal wording is York University (for the benefit of the Schulich School of Business).
The Right Choice for You
- Make a bequest of cash, securities or other property to Schulich.
- Designate a specific dollar amount, a particular asset or a percentage of your estate.
- Name Schulich beneficiary of all or a portion of the estate remaining after you have provided for other beneficiaries.
- Name Schulich a contingent beneficiary if your other beneficiaries do not survive you.
- Create a trust through your will that provides a trust income to your beneficiaries for a fixed term or life, following which all or a portion of the remaining capital is awarded to Schulich.
To learn more about bequest opportunities at Schulich, call 416-650-8131
Sample Bequest Wording
“I give and bequeath to York University (for the benefit of the Schulich School of Business), 4700 Keele St., Toronto, Ontario, M3J 1P3, Canada < the sum of $ ___ OR ___ % OR the residue > of my estate to be used at the discretion of the School.”
Restricted Gift (student financial assistance example)
“I give and bequeath to York University (for the benefit of the Schulich School of Business),4700 Keele Street, Toronto, Ontario, M3J 1P3, Canada, < the sum of ___ OR ___ % OR the residue > of my estate to be used for financial assistance (such as, but not restricted to fellowships, scholarships, awards and bursaries) for students of the Schulich School of Business.”
Power to Vary Provision
Recognizing that Schulich’s programs and services may evolve over time, it is recommended that the following sentence be added if the bequest is for restricted use or to establish an endowment:
“Should circumstances arise that would make it extremely difficult or impossible to comply with the intended purpose of this gift, York University is hereby authorized to apply the funds to an alternative purpose following as closely as possible to the spirit and intent of my original gift.”
This bequest information is provided only as a sample of how to begin to draft a bequest in your will in support of the Schulich School of Business. It should not be relied upon as a substitute for professional advice. Schulich’s gift planners can assist you and your legal advisor in drafting the most appropriate wording for your bequest to ensure that your wishes are consistent with the mission and values of the Schulich and that your intentions can be honoured in the future.
To learn how you can make a bequest to the Schulich School of Business, contact:
David K. Bell, LL.B.
Schulich School of Business