Many of us have spent a lifetime contributing to a favourite cause or supporting a few favourite charities. By leaving a charitable gift in your will, you can make a larger contribution than you ever thought possible, without using any of the money you need during your lifetime, or significantly taking away from your loved ones.
“More of our donors are having open conversations with us about maximizing the giving potential of their wills. We’ve recently worked with a donor and their financial planner that is considering leaving a 5 per cent gift from their $600,000 estate. That small percentage would translate into a $30,000 donation. This is a far bigger impact than most of us would ever be able to make during our lifetime. Imagine what could be accomplished with a donation that size!” says Leanne Hammond, executive director of the Community Foundation North Okanagan.
There are many ways to create a positive local impact through a gift from your will. One is by donating to the annual community granting program where donors pool their funds to maximize the financial impact. This empowers responsive grant making to fund the immediate, emerging, and evolving needs of the North Okanagan region.
Many people leaving a gift in their will to the Community Foundation also seek to establish a fund, named to honour their legacy or pay tribute to a loved one. This fund will make reliable grants to a cause or to an essential service organization. Some donors may choose to give a larger gift from their will that targets a specific cause for a specified period of time. This is a suitable option for donors who want to make an immediate impact or a significant difference over a compressed timeline.
“A future gift can be included in a will by adding a simple one-line direction. The gift details are then documented at the Foundation and can be adjusted at any time without the effort and expense of revising the will,” explains Hammond. “When we receive an estate gift from a donor, it’s very humbling to know they’ve entrusted us to carry out their legacy.”
While leaving a gift in one’s will makes it possible to leave a much larger gift – remember that you don’t have to be wealthy to create a charitable legacy. You can leave as much or as little as you want – there is no gift too small to make an impact. It only takes a few minutes to leave a gift to charity, but it creates a legacy that lives on for future generations.
Make the most of your giving and contact Leanne Hammond today at leanne@cfno.org or call