Most people opt to make one of two types of gifts: residual or specific.
A residual gift allows you to give a share or a percentage of whatever is leftover in your estate to charity. You may prefer this option if you’re unsure of the total size of your estate or you’re interested in dividing up your total assets among a few beneficiaries.
Sample wording for a residual gift: “I direct my Trustee to pay and transfer a ____ % share of the rest and residue of my estate to the Saint John Regional Hospital Foundation (charitable registration # BN119132363 RR0001).”
With a specific gift, you set a dollar amount to donate. You may prefer this option if you know the impact you want to make and the size of the gift that works for you.
Sample wording for specific gift: “I direct my Trustee to pay the sum of $_________ Dollars to the Saint John Regional Hospital Foundation (charitable registration # BN119132363 RR0001).”
This is also a great time to meet with a financial advisor who understands charitable giving and can help you plan your estate to meet the goals you envision.