About LEAVE A LEGACY™ FAQ
- Why is there a need for LEAVE A LEGACY™?
- Who benefits from LEAVE A LEGACY™?
- How do I leave a gift for an organization that is important to me?
- I thought only people in a certain income level could leave a charitable bequest or gift through their estate?
- Who can help me arrange for a gift to an organization?
- How do I leave a gift in memory of a person or for a specific purpose?
- Do I have to include my wish to leave a gift to a specific organization in my will?
- Do I tell the charitable organization that I have left a gift?
- How does LEAVE A LEGACY™ help my community?
- Do I have to have an Estate to LEAVE A LEGACY™?
- What about my family and immediate heirs?
Canadians are living in a time when an unprecedented amount of wealth is being transferred from one generation to the next. In the next two decades 3.5 million Canadians are expected to die, leaving an estimated $1.5 trillion to their families and community. The disturbing part is that only 30% of Canadians currently have an up-to-date legal will. If this trend continues, about 2 million Canadians will end life without a will to protect their assets, in the next two decades. Without a will, people lose the ability to control distribution of their estate to their chosen beneficiaries.
The LEAVE E A LEGACY™ program message benefits all. Donors gain a sense of fulfillment knowing they are supporting organizations that make a difference within their communities. They may also receive significant tax benefits. Charities obtain more support and as a result may sustain and improve their efforts. Finally, the future generations of Canadians, including grandchildren and other family members can share in a legacy of charitable work that continue to enhance the quality of life for citizens today and in the future.
By leaving a gift to a charity or not-for-profit organization in your will or estate plan, you ensure your assets continue to help others into the future. Without a will, your property and finances are settled according to federal and provincial laws, which may not coincide with your wishes.
I thought only people in a certain income level could leave a charitable bequest or gift through their estate?
You might think you have to be wealthy to donate to a charity. Not true. Anyone can arrange to leave a charitable gift from their estate, regardless of its size. It can mean a great deal to a cause that is important to you.
Your financial planner, lawyer, accountant, or insurance agent can help you leave a gift. These professionals can tell you about tax benefits of planned gifts. You can also call the charity or the not-for-profit organization for help.
A charitable gift is a meaningful way or recognizing someone who has made a difference in your life. You may also want to give a specific cause like research or a new building. These kinds of memorial gifts can easily be arranged in your will. You just need to specify that the gift be given in memory of a particular person or for a specific use.
A charitable bequest will not take effect unless you state your intention in your will. Without a will, you lose control over your property after death. Your property and finances are settled according to provincial laws whether or not they coincide with your wishes or those of your family.
Do I tell the charitable organization that I have left a gift?
That is up to you. Not-for-profits often like to know in advance so they can recognize your generosity. They can also tell you about opportunities for giving for a specific purpose.
LEAVE A LEGACY™ encourages bequests and other planned gifts which help charities become more sustainable. LEAVE A LEGACY™ provides a public service that encourages people to plan their estates and to leave a gift to the organizations of their choice. By doing so, citizens will ultimately help not-for-profit and charitable organizations sector continue to give back to their community.
"Estate" can describe any property, money or personal belongings that you have accumulated throughout your lifetime. Anyone can arrange to leave a charitable gift from their estate, regardless of its size. There is no such thing as an insignificant gift.
There are many ways to achieve your charitable goals without taking away from your family and loved ones. There are numerous options and types of planned gifts. Different giving options allow you to give and still provide for family members while receiving tax benefits at the same time.