A legacy gift is an impactful gift that reflects your life, give today for a lasting meaning.
Leaving a legacy gift is one of the valuable ways that you can continuing giving, continue to engage and build on your life’s giving. It will be a lasting statement of your generosity, a gift that you and your family will be proud of. Deciding what legacy gift is right for you is just as important as your decision to leave a legacy. Giving can also reduce your taxes and increase benefits to your estate and other beneficiaries.
How to Leave a Legacy?
Your legacy gift gives you a way to be part of the charitable work that is most meaningful to you. Your gift allows your important causes to be well supported now and long after you are gone. Leaving a gift in your Will is a way to make sure that your memory lives on.
Top 4 Things You Can Do To Create a Legacy That Lives On
- Make a Will.
- Encourage family and friends to leave gifts to charity in their own estate planning.
- Leave a gift in your Will to your favorite charities. You will need to decide to leave a dollar amount or a percentage of your estate.
- Consider using investments that have increased in value, such as mutual funds or publicly traded stocks for your legacy gift, naming your favorite charities as a beneficiary of assets as defined by you.
Bequests – Create a Legacy That Lives On
A Will is a formal legal document in which you specify who you wish your possessions to be gifted to after your death. If you were to die without a properly written Will, your lifetime accumulation of wealth would be distributed according to provincial law, regardless of your family’s wishes otherwise.
Your bequest is based on a number of personal decisions and circumstances but it is also important you consider legal advice to ensure your bequest is legal and your Trustee is able to fulfill your wishes. You may want to use a similar statement below.
Circle Acts Legacy Gift Program
Make Circle Acts a beneficiary in your will and know that your legacy will live on for generations. All it takes is a simple clause in your will to leave a gift of hope – and to continue transforming lives for years to come.
It’s easy to add Circle Acts to an existing will. Simply speak to your lawyer about preparing a codicil –a document that allows you to make simple amendments without having to rewrite your will.
Tax receipts for the full amount of your donation may offset capital gains or other taxes payable and lessen the financial burden to your loved ones.
Sample Bequest Clause
Proper wording is critical to the validity of a bequest. Circle Acts recommends the following will clause for your use:
Specific amount bequest:
“I DIRECT my trustee(s) to pay the sum of _________ DOLLARS ($__________ ) to CIRCLE ACTS, currently located at 14798 Mount Hope Road, Caledon ON L7E3K4, for its general purposes. The receipt of an appropriate officer of CIRCLE ACTS shall be a sufficient discharge of my Trustee(s).”
Residual bequest:
“I DIRECT my trustee(s) to pay _____________ (insert number that equates to percentage) parts of the residue of my estate to CIRCLE ACTS, currently located at 14798 Mount Hope Road, Caledon ON, L7E3K4, for its general purposes. The receipt of an appropriate officer of CIRCLE ACTS shall be a sufficient discharge of my Trustee(s).”
We encourage you to consider donating directly to CIRCLE ACTS or if you prefer to bequest to specific charities or causes that are meaningful to you and include any direction if you wish in your bequest.
What is Planned Legacy Giving?
Planned or legacy giving is the designation of charitable gifts through a financial or estate plan. These are generally gifts of assets or a bequest in your will, not current income.
How to plan a Legacy Giving for myself?
- Make a Will.
- Encourage family and friends to leave gifts to charity in their own estate planning.
- Leave a gift in your Will to your favorite charities. You will need to decide to leave a dollar amount or a percentage of your estate.
- Consider using investments that have increased in value, such as mutual funds or publicly traded stocks for your legacy gift, naming your favorite charities as a beneficiary of assets as defined by you.
