Making a contribution to a charity through a bequest in your Will is a kind and thoughtful way of creating a legacy for future generations to an organization you care about. A bequest is also a way of making a significant contribution in the future without burdening your estate now.
Oakville Galleries been named beneficiary to significant gifts through the Wills of donors. These Bequests can take the form of a sum of money, a percentage of the estate, the residual of the estate or a piece of personal property (such as artwork).
In fact, the Gairloch House and the adjoining grounds were a former private estate of Mr. James Gairdner that was bequeathed to the Town of Oakville in 1971.†In his Will, Mr. Gairdner, a Toronto investment dealer, requested that the residence be used "as an art gallery for the display of works of art by contemporary artists, and the remaining land become a public park."†In January 1972, the Town of Oakville took over the 11-acre estate and, through the efforts of a group of dedicated volunteers, the residence began to function as an art gallery in 1974. Gairloch Gallery and Centennial Gallery were eventually incorporated in 1980 to form “Oakville Galleries”.
Think of the possibilities….
Historically to charities, bequests are the most significant and important type of deferred gift made often allowing the development and significant expansion of institutional endowment funds.
Once the gift is received, a full tax receipt will be issued to the estate, which can either be used towards the terminal tax return or may be claimed in the year prior to a donor’s death.
Upon request, sample bequest language for restricted and unrestricted gifts, including endowments, can be provided by Oakville Galleries to donors and their lawyers. This will ensure that the bequest is properly designated, that the Galleries can honour the donor's requests and also so that the Galleries can recognize the donor’s commitment. Bequests should be designated to the corporation: "Oakville Galleries" (BN # 11906 4418 RR0001).
Oakville Galleries strongly advises that any and all changes made to your estate be done initially in consultation with your loved ones and your lawyer. Subsequently, by informing the Galleries of your intentions, you will be included in the Oakville Galleries’s Legacy Society – a special group of dedicated donors who have included the Galleries in their Will or who have made another form of planned gift.
|