“Perhaps the greatest duty laid upon each generation is to preserve intact the great heritage
it has received, to develop and expand it and to transmit it to the generation that follows.”
Fr. Henry Carr, CSB
Gift in Will
Thank you for remembering St. Thomas More College in your estate planning. Including St. Thomas More College (STM, the College) in your Will ensures that your legacy of caring and generosity will support our collective commitment to the Catholic intellectual life, social justice, and the pastoral care of students at STM for generations to come. Because of your tremendous support through a gift in your Will, our students will be well equipped to achieve their personal and professional aspirations, engage in their communities, contribute to a more just society, and grow into the full measure of their humanity.How to Leave a Planned Gift in your Will
One of the simplest, most effective, and most flexible ways of making a gift is to STM is to make a gift in your Will. By naming STM as a beneficiary in your Will, you can make a significant gift that might not otherwise have been affordable during your lifetime. A gift in your Will can also generate tax credits that may help offset final taxes payable by your estate. Here are a few options to leave a gift in your Will:
• A residual gift is the money that’s ‘left over’ in an estate after all the fixed commitments are met.
• A percentage gift is a percentage of your estate, and the amount of this gift will vary depending on the estate size. For example, a donor to STM who had 3 children divided her estate into 4 equal portions: each child received their portion of the estate, and the final portion will go to STM.
• A fixed sum gift is when you name a specific dollar amount.
We know that considering a gift in your Will is an emotional experience, because it is about your values. Many people find this a most satisfying way of giving because their gift can continue to make a difference for generations.
We encourage you or your advisors to contact us to make sure your gift is your Will is designated in the way you intend so that we can make sure your wishes are carried out when the gift is received. You may use the Statement of Intent form for this purpose.
The material in this document provides general information and is not intended to constitute or replace specific professional advice. If you are considering a legacy gift, we encourage you to speak to an advisor with appropriate tax and other expertise to implement a charitable giving strategy that achieves your objectives.
Sample Charitable Bequest Language for Lawyer/Estate Planner Review:
Residual Bequest:
I direct my Executor to transfer the residue (or share of residue) of my estate, to St. Thomas More College to be used for the College’s general purposes.
Percentage Bequest:
I direct my Executor to pay or transfer [percentage]% of my estate to St. Thomas More College to be used for the College’s general purposes.
Fixed Sum Bequest:
I direct my Executor to pay or transfer the sum of $[amount] to St. Thomas More College to be used for the College’s general purposes.
For the greatest flexibility in meeting urgent priorities, St. Thomas More College prefers bequests to be unrestricted. However, if you wish to restrict /designate your gift, we are happy to discuss that option with you.
Bequest for a Specific Purpose: We have many areas that rely on investment by our alumni and community partners, in areas such as scholarships and bursaries, faculty support, campus ministry, building maintenance, and unique programs offered by STM. Please contact the Advancement office to discuss your wishes prior to making your designation. In your Will, you can then designate your gift to that specific purpose.
Bequest for a Named Endowment: The current minimum amount required to establish an unrestricted endowment is $30,000, and $50,000 is required for a restricted endowment. Smaller amounts can be set up as an expendable fund. Please contact Connie Andersen at the College to discuss these options, so we can establish a gift agreement that aligns your visionary gift with the College’s mission, academic priorities, values, and strategic plan.
I give, devise, and bequeath to St. Thomas More College the sum of [dollar amount] to be used to establish a named endowment fund, the annual investment income from which will be used for [purpose, e.g., research, scholarships, campus ministry, faculty support, student support, etc.].
To enable STM to use designated bequest funds as intended, yet accommodate the unforeseen, please consider adding the suggested wording below:
If, in the College’s opinion, it is no longer necessary, practical, desirable, or possible to use all or part of a gift for the original purpose(s) specified, the College may redirect the affected portion of the gift to a new purpose that is consistent with the original spirit and intent of the gift.
We encourage you or your advisors to contact us to make sure your gift is your Will is designated in the way you intend so that we can make sure your wishes are carried out when the gift is received. You may use the Statement of Intent form available below for this purpose:
Please accept our sincere thanks for your generosity and vision that together help STM to maintain and enhance the unique learning environment for which we are recognized across Canada. All members of the St. Thomas More College scholarly community are grateful for your caring support and the opportunities your planned gift in Will provides for our students.
For more information, please contact Connie Andersen, Director of Advancement at 306.966.8203 or candersen@stmcollege.ca