Your Top 5 Questions- Answered: Leaving a Gift to VPL in Your Will

1. What are the benefits of making a gift to the Library in my will?

The most important benefit is that you get to feel good knowing that your future gift to the Library will allow VPL to offer high quality and inspiring programming, new spaces, new equipment, and collections.  

Your gift to the Library will uplift your neighbours and generations to come– people of all ages and walks of life, need the Library for their success and well-being.  

There are also tax benefits, such as:

• The estate can use the full amount of the gift to offset any income arising in the tax return for the year of death, and potentially choose to carry back and forward any unused portions of the tax receipt.
• Any capital gains on securities donated to the charity to fulfill the gift are not taxable.

2. Should I let you know that I have included VPL in my will? If so, how?

Yes, please tell us if you have included us in our will – we want to thank you now and treat you like family!  

You can let us know by email: [email protected] or by phone: 604.331.4110. Casey is your point person on our team about gifts in will, and he is happy to hear from you and answer any questions you have.

3. What types of gifts can I make in my will?

You have a number of options for including your Library as part of your estate plans.

You can choose to leave a cash gift for a specific amount, or you can choose a percentage of your estate that will go to VPL.

Another option is a gift of securities. It is one of the most cost-effective ways to support your Library. When publicly listed securities are donated to VPL, the tax on the capital gains is eliminated.

You can also name VPL as the beneficiary of all or part of your life insurance policies and registered funds like RRSPs, TFSAs and pension plans that allow for designated beneficiaries — even if you don’t have a will.

4. Do I need to use a Lawyer to add VPL to my will?

Not necessarily!  

If you opt to create your will without professional advice, you will need the correct legal name and address and our charitable giving number. You can find that here on our website, as well as sample language to include in your will.

5. How can I ensure that my legacy gift to my Library makes the biggest impact when it is received in the future?

A key thing to keep in mind to “future proof” your gift to the Library is to make sure the language in your will and how you would like to see the gift used are not too specific.  

While Libraries have remained a cornerstone for our community over many years, they also are continuously evolving to meet our community’s needs.

Please reach out if you have any questions about the language to use, we are happy to help ensure your gift has the impact you want it to!

Any questions in this article that we didn’t answer?  

Casey would love to hear from you and answer any questions you have about including your Library in your estate plans. He can be reached at 604.331.4110 or [email protected].

The above information is general in nature and is not intended as legal or tax advice. We can help you support VPL by working with you and your financial and legal professional advisors.