

Legacy Giving
Are you considering a gift to the Foundation in your Will?
​
Referred to as a charitable bequest, this type of gift provides the reward of knowing you are supporting the profession, without the need to make a significant financial contribute during your lifetime.
HOW TO SET UP A PLANNED LEGACY GIFT
Determining the size of a legacy gift can be difficult, considering the desire to also ensure your family is financially secure, so designating a percentage of your estate as a planned gift can relieve concerns that the weighting of the Foundation’s gift remains in the same proportion over time.
​
This kind of gift offers flexibility and can be accomplished by simply adding as a few sentences in your will. Keep in mind that:
​
-
you can change your mind at any time
-
you can leave a specific amount or a percentage of your estate
-
you can make the gift contingent on certain events
-
you can designate a gift of cash, securities or property
​
​
SAMPLE WILL CLAUSES
Naming a charity in your Will is a simple and convenient way to support the causes you believe in.
​
The following suggested clauses can be referenced when working with your estate planner in determining how to name the Foundation in your Will, leaving a legacy of support for your profession. These are provided for information purposes only. They are intended only as illustrations of the types of clauses which may be used and they can be adapted as necessary to reflect each individual's planning objectives, financial circumstances, and tax implications. The Foundation strongly advises that any person considering a legacy gift discuss the matter with legal and financial advisors. The Foundation shall not be responsible for any verbatim reliance on the following sample clauses. Prospective donors or their advisors are encouraged to contact the Foundation should they wish to inquire further about legacy giving options.
​
1) Establishment of a Personal or Family Endowment
​
A gift in a Will can be used to create a permanent fund within the Foundation and can be named after the donor or their family. The capital of the fund can be held permanently by the Foundation so that the earnings can be used annually as directed by the donor in their Will. The three basic types of Funds are Unrestricted Funds, Field of Interest Funds, and Designated Funds.
​
An unrestricted fund can be established allowing the Foundation to use the earnings of the fund for the charitable purposes that it considers appropriate. This type of fund enables the Foundation to shift resources as the needs of general surgery patients change. An unrestricted fund can be created in a Will by gifting a specified amount or a portion of the donor's estate.
​
Sample Clause – Unrestricted Fund
Pay to the Canadian General Surgery Foundation the sum of $______, to be held by the Foundation in a fund to be
known as the _____ Fund. I direct that the earnings therefrom be paid out at least annually to be used in conformity
with the objects of the Foundation in such manner as the Foundation's Board of Directors in their discretion shall from
time to time determine.
A field-of-interest fund can be established allowing the Foundation to use the earnings of the fund for the charitable purposes that it considers appropriate keeping in mind the donor’s particular field of interest. This type of fund provides flexibility but takes into account the general purposes for which the donor intends the earnings to be used.
​
Sample Clause – Field-of-Interest Fund
​
Pay to the Canadian General Surgery Foundation the sum of $______to be held by the Foundation in a fund to be
known as the _____ Fund. I direct that the earnings therefrom be paid out at least annually to be used in conformity
with the objectives of the Foundation in such manner as the Foundation's Board of Directors in their discretion shall
from time to time determine, considering my expressed interest in __________ (examples of the field of interest may
include early career research, general surgery research, innovation programs, education programs, advocacy
programs or scholarships).
A designated fund can be established which designates specific projects or purposes are to receive the earnings of the fund. This type of fund permits the donor to determine specifically how the earnings of the fund are to be used. Donors considering this option should contact the Foundation to discuss the specific terms of the fund given the specificity they require.
​
Sample Clause – Designated Fund
​
Pay the Canadian General Surgery Foundation the sum of $_____ to be held by the Foundation in a fund to be
known as the _____ Fund. I direct that the earnings therefrom shall be paid out as follows:
2. A Gift to an Existing Fund
​
A gift in a Will to the Foundation can be added to an existing fund.
​
Sample Clause – Gift to an Existing Fund
​
Pay to the Canadian General Surgery Foundation the sum of $_____ (or the residue of my estate or divide the
residue of my estate into equal shares and transfer one of such equal shares to the Canadian General Surgery
Foundation to be added to the _____ Fund.
​
3. A Gift to Take Effect Following the Death of a Beneficiary
​
A donor may wish to defer making a gift to the Foundation until after the donor’s estate has been used to provide for a spouse or other loved one during his or her lifetime. In order to do so, the donor’s Will must create a trust for the benefit of the spouse or loved one and upon the passing of the spouse or loved one the Will must direct that the gift be made to the Foundation.
​
Sample Clause – Gift Taking Effect after the Death of a Beneficiary
​
I direct my Trustees to hold the sum of $_____ upon trust and to pay the net earnings derived therefrom to _____
upon his/her lifetime. Upon the death of _____ , my Trustees shall pay to the Canadian General Surgery Foundation
the sum of $_____ to be held by the Foundation in a fund to be known as the ___________Fund. I direct that the
earnings therefrom be paid out at least annually to be used in conformity with the objects of the Foundation in such
manner as the Foundation's Board of Directors in their discretion shall from time to time determine.
​
4. A Gift of a Lapsed Bequest
​
A donor may wish to make a gift to the Foundation if any person to whom the donor intends to make a bequest, dies before the bequest takes effect. In those circumstances the lapsed portion of the donor’s estate can be gifted to an existing fund or a newly created fund.
​
Sample Clause – Gift of a lapsed bequest
​
I give to _____ the sum of $_____ , provided that if _____ shall predecease me, such amount shall be paid to the
Canadian General Surgery Foundation to be added to the _____ Fund of the Foundation.
​
5. Additional Clause to Relieve Trustee(s)
​
In order to relieve the donor’s trustee from the obligation of supervising how funds are used by the Foundation, the clause below can provide that the trustee’s responsibilities cease upon transferring the gift to the Foundation.
​
Sample Clause – Relief from Trustee’s Obligation
​
The receipt of bequeathed funds by an officer of the Canadian General Surgery Foundation shall be a sufficient
discharge to my Trustees. My Trustees shall not be required to oversee to the application of my gift.
The foregoing sample will clauses are provided by the Foundation as illustrations of the types of clauses which may be appropriate to insert into a will. Anyone who is considering making a gift by will to the Foundation is invited to contact the Foundation to discuss the donor’s options, info@generalsurgeryfoundation.ca.