Trans World Radio Canada - Will Designation

Will Designation

 

Bequests to TWR Canada

Naming TWR Canada as a beneficiary in your will has tax benefits for your estate, and provides a legacy gift to TWR following your death.  TWR Canada’s operational budget does not depend on income from bequests.  As a result, we can ensure that your gift is used for the highest-priority ministry needs, or use it to launch a new ministry initiative. 

If you already have a will, you may be able to include TWR Canada in it by adding a codicil. This adds a clause to your will without having to replace the entire document.

Normally, TWR Canada is named in a will one of two ways. About half the time we are named to receive a specified dollar amount, usually before the rest of the estate is divided among beneficiaries. This is sometimes called a specified designation. This is a private gift as we only see the paragraph in the will that names us. (See below) The second method we see divides the estate into shares. For example there may be 100 shares and TWR Canada is entitled to six. Once final expenses and income taxes are paid, we then receive six percent of the remainder. This is sometimes called a residual designation.

There is a good chance that your estate will not be worth what it is now when you pass away. If the value has dropped, then a specified dollar gift will be a larger portion. The reverse can happen as well. Using the second method described, residual, ensures that all beneficiaries receive the same proportion of your estate as you originally intended. This may be a better choice. However if you choose this, TWR Canada usually sees your will and your entire estate. The courts allow us to verify that we received six percent of what you had.

When designating TWR Canada as a beneficiary in your will, we should be identified as Trans World Radio Canada (our full legal name).  Our address is PO Box 25324, London ON N6C 6B1, 1-888-672-6510.

Our Registered Charity Business Number it is 11912 9427  RR0001.

You can include in your will your desire to see part or all of your gift go to a specific ministry. Your lawyer may have this done with a separate letter attached to your will. PLEASE NOTE if you do this you should specify what happens to your gift if TWR is not involved in that ministry when your will is carried out. It is customary to include a clause that if TWR is not involved in that ministry the funds are to be given to TWR for their use as the management sees fit, so the gift does not fail. The choice is yours. You may want that gift to fail and be divided up among other beneficiaries if TWR has moved completely away from a ministry you deeply care about.

You may also want to include in your will a clause that decides what to do if TWR merges with another organization, though at the present we have no plans to merge, and are in no such discussions. This could also apply to any other charity you have named in your will.

Please consult your lawyer if you wish to pursue this or have questions. If you wish to name a specific ministry we would like to speak with you to ensure the description of that ministry is correct.

Every effort has been made to insure the accuracy of this information.  Please consult your Advisor or our office before taking any action. Regulations can change and may vary from province to province.  What is described may not apply to your situation.

July 2016