The League of Canadian Poets is grateful to receive bequests under a will. When the time comes to update your will—something that should be done every five years or when family connections change—it is time to consider what you would like to leave to the purposes that have the greatest significance to you. For poets, this may include leaving something to benefit the poets who come after us, particularly as many poets have so little. The League is ideally suited to receive gifts and then use and distribute money on behalf of purposes that poets deem most important.
Your will gives you a chance to set down gifts that survive you. These can be quite large because your assets can include a house, cottage, RRSPs, RIFs and similar non-sheltered investments, life insurance… the accumulation of an entire lifetime.
Feel free to email [email protected] to talk over your intentions. If your intention is to gift a portion of your estate to the League, it may also be useful to leave an addendum with your will stating your intention. This can help guide your family during this difficult time.
Below, you will find suggested wording examples for your will to help clarify your gift intentions to the League.
Suggested Wording for Effecting a Bequest in your Will
- I give, devise and bequeath to the League of Canadian Poets (dollar amount or gift of property or portion or percent of the residue) to be used in such manner as the organization may direct.
- I give, devise and bequeath to the League of Canadian Poets (dollar amount or gift of property or portion or percent of the residue) for [a particular fund], for disbursement in such manner as the organization may direct.
- I give, devise and bequeath to the League of Canadian Poets (dollar amount or gift of property or portion or percent of the residue) to be invested as the LCP sees fit for the purpose of funding an endowment, for meeting annual operating expenditure, or…
After examples 2 or 3 above, the following wording should be included:
Recognizing that at some time in the future it may be found that the income from the fund cannot be usefully applied for the expressed purpose, then the income and capital may be used for any other related purpose approved by the League of Canadian Poets which is within the general aims and objectives of the League, keeping in mind the original wishes of the donor.
The receipt of the person who professes to be the proper agent of the League of Canadian Poets to receive this bequest shall be sufficient discharge therefore, and my Trustee shall be under no obligation to see that the trusts thereof are carried out.
Any matching grants obtainable as a result of this bequest shall be used at the discretion of the League of Canadian Poets to ensure or enhance the continuance of the fund for the purposes intended.
Memorandum of Understanding
If you reach out to the Leagueto let us know that you are planning to make a bequest, you may wish for us to sign a memorandum of understanding with you about the purposes of your gift or your reasons for giving. Such a memo is not legally binding and can be changed at any time by the donor.
Here is a format for recording our mutual understanding:
MEMORANDUM OF UNDERSTANDING
The League of Canadian Poets
The League of Canadian Poets is pleased to be designated as a beneficiary of the Estate of (Donor’s Name) ___________.
This Memorandum of Understanding is intended to document the intended purpose of this charitable bequest at the time it is received to the mutual consent of the donor(s) and the League.
Recognizing that at some time in the future it may be found that the income from the fund cannot be usefully applied for the expressed purpose, then the income and capital may be used for any other related purpose approved by the National Council and Board of the Canadian Poetry Foundation which is within the general aims and objectives of the League, keeping in mind the original wishes of the donor.
- The Donor(s): The charitable bequest is being made through the Estate of (Name) __________.
- Designation of the Gift: The donor(s) have an expressed interest in supporting the following purposes: _________________________.
- Form of the Gift: The gift will be funded by the Estate of (Name)_________ and is to be received by the League of Canadian Poets. The establishment of (Form of Fund)___________ and the investment of the funds will be in accordance with the League of Canadian Poets investment policies. Where the funds from this gift are insufficient to establish the fund envisioned by the Estate, it is the donor’s wishes that the capital is to be used to supplement an existing endowment for related purposes or as a one-time payment in full for purposes devised by National Council and the Board of the Canadian Poetry Foundation.
- Specifications: _______________. (This paragraph will outline specific intentions as identified by the donor, for example, any eligibility criteria, number of awards, and so on. This may also identify the donor’s secondary wishes should the League be unable to fulfill their initial intention).
- Independent Advice: It is the strong preference of the League that all donors seek independent, qualified advice before making a charitable bequest. The League is not privy to all of the donor’s circumstances and is not in a position to provide informed advice on the structure, timing or amount of the gift. The League will endeavor to work with the donor’s advisors and executors to make the gift a successful one.
We agree to the Memorandum of Understanding as outlined above:
[Signature page between donor and LCP representative]