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Giving to UNB

Bequests

Create a Bequest

It's easy to have an impact

Many students only get to realize their dreams and potential because a thoughtful alumnus or friend included a gift to UNB students in his or her will.

At UNB, our goal is to ensure that qualified students, regardless of their means or their backgrounds, have the opportunity to pursue an education. For many, going to university is a life-changing experience that gives them the confidence and knowledge to follow their dreams. We also strive to attract and retain the bright minds of each generation, setting the stage for tomorrow’s leaders.

Your estate gift has the power to transform individual lives and our communities.

Give a gift for generations to come

Nearly half of all undergraduate scholarships at UNB have been established through estate gifts, benefiting more than 1,000 students each year. Estate gifts range in size from $10,000 - the minimum amount required to establish a named scholarship - to more than $1 million, all of which can bear your name or that of a loved one.

The cost of a university education leaves many students with a debt of $4o,ooo and prevents some from even considering a degree. While many of our students support their education with part-time employment, a recent study conducted by the Canadian Millennium Scholarship Fund indicates that working even 10 hours a week reduces a student's likelihood of finishing his or her degree.

While support for scholarships and bursaries is important, you can choose to foster other things at UNB which strengthen and enhance the university experience for our students, and ultimately, for our whole community:

  • libraries
  • research
  • professorships
  • lecture series
  • athletic teams
  • student travel
  • building construction

Why make an estate gift?

Making an estate gift often means you can make a larger contribution than would have been possible previously because it comes from the combined assets of your estate. You can specify exactly how your gift is to be used. For example, you may choose to support a scholarship or bursary for students who graduate from your high school, study in a particular faculty at UNB, or are a member of your favourite UNB team or club.

You may decide to make a bequest that creates an ongoing endowment or investment fund for a purpose you have supported during your lifetime. For example, you can contribute annually to a scholarship and endow it through a bequest, allowing it to continue to help students forever.

Nearly all estate gifts carry the name of the donor and/or the name of a loved one. The gifts become a living legacy and a perpetual tribute to the donor and his or her family.

Estate gifts also carry significant tax benefits. For example, a charitable bequest may be claimed against 100 per cent of the donor’s taxable income in the year of passing and, if there is excess, the balance of the bequest may be carried back against 100 per cent of the taxable income in the year prior to the donor’s passing. If a bequest is funded through a gift of appreciated securities, the estate is also exempt from capital gains tax on those securities.

Other types of estate gifts

Bequests in a will are a popular choice for donors because they are relatively simple to create and easy to understand and administer. Estate gifts may also be made in other ways:

RRSPs and RRIFs – Recent income tax changes enable you to make UNB the beneficiary of a registered retirement fund allowing you to avoid all tax on the principal that remains at the time of passing.

Charitable Remainder Trusts – Under the agreements governing these types of estate gifts, you provide UNB with a sum of principal which the University invests and from which you are paid an annual income at an agreed-upon interest rate. At the time of passing, the principal remaining is used by the University for the charitable purpose designated by you.

Gifts of Residual Interest – These gifts of valuable property, such as real estate or artwork, are deeded to the University during your lifetime with a provision that allows you to continue to enjoy the use of the property. At the time of the gift, you receive a charitable donation receipt based on life expectancy; at the time of passing, the property becomes the University’s.

Life Insurance Policies – You can make UNB the beneficiary of a life insurance policy, but it is even more advantageous to your estate to make UNB both the owner and beneficiary of the policy. Premium payments can be claimed on a new policy (or the cash value of an existing policy) as a charitable donation. The death benefit of a life insurance policy is not counted as part of your estate, so it does not add to the estate’s tax burden.

Talking to your lawyer about bequests

A bequest to UNB can be a tangible expression of appreciation for an education received and for the fellowship of the UNB family – a gesture that might be financially impossible during working or retirement years. After providing for loved ones, you may choose to include UNB as a beneficiary.

Bequests can be earmarked, as determined by the donor, for the unrestricted purposes of the University or for a restricted purpose such as a scholarship or bursary. UNB will assist in drafting language for donors who wish to direct their bequests for a particular purpose, and about specific ways in which a will can provide a gift to the University. A bequest is revocable and can be easily changed should your financial circumstances change.

How to make a bequest

To arrange a bequest, contact UNB’s Manager of Estate Gifts, Mr. Kim Anderson in Fredericton, or Ms. Marion Williams in Saint John, who can provide further information about the various options, help you understand the process and discuss how your wishes can be carried out.

The second step is to speak with trusted advisors – a lawyer, accountant, financial planner – who can help you decide what will be the most appropriate approach. Considerations include not only finances, but also age, other beneficiaries included in the estate plan and tax implications.

Society of Good Will

Donors who inform UNB when they have arranged for an estate gift become members of the Society of Good Will and are recognized in the annual Donor Honour Roll published in the UNB Alumni News. Members are also invited to special University events.

Help tomorrow’s students today

Your bequest will enable us to provide an educational experience that empowers students to pursue their dreams and build a better future for all of us.

Thank you for your generosity and thoughtfulness. For more information on making a bequest to UNB, please contact us.

Dr. Robert Gibbs has played many roles at UNB: Beaverbrook scholar, student, professor and mentor, benefactor and a prolific writer throughout.