SPECIAL FEATURE
C R E A T E A L E G A C Y
ONE STEP AT A TIME
Once donors have decided the causes
they wish to support, its essential to start
building one's will. "Without a will, a donor's
assets will be distributed according to law
and that may not be what they want,"
says Hilary Beard, director, gift & estate
planning, for BC Children's Hospital
Foundation. "And if that will is decades
old or family situations have changed, it
should be updated."
Beard says BCCHF recommends a
seven-step approach to legacy planning that
involves establishing a will, committing to
a simple plan, determining all assets and
liabilities and their value and location,
choosing an executor—and choosing wisely,
deciding on beneficiaries, deciding on
guardians for children and meeting with
a professional advisor to make sure all the
details are in order.
"When choosing an executor, consider
a younger, trusted loved one who is
organized and capable with finances,
and does not have any financial woes of
their own," Beard says. "When allocating
your estate, we suggest using percentages
so each beneficiary share rises or falls
with the value of your final estate, and you
avoid worrying about specific sums that
may not be the proportions you want at
a future time."
"
If you do not name
a beneficiary, the
funds are paid to your
Estate where they will
be subject to probate
and executor fees.
It's important to note
that there can be tax
consequences for
your estate in naming
a beneficiary, and you
should discuss this with
your tax advisor.
"
–CRAIG HIKIDA, vice president,
donor services, Vancouver
Foundation
"
Don't focus all your attention
on the cost to raise a dollar.
There is no standard on
reporting, and every charity does
it differently. If they are in and
round 35 cents on the dollar,
they are being responsible, so
focus on the impact they have
in the community or the people
they are serving.
"
–MIKE LELAND, vice-president,
engagement & philanthropy,
Easter Seals BC/Yukon
taking the time to understand an organi-
zation's mission and program, as well as
how effective they are at using donations
to create impact and effect change in your
community.
"Don't focus all your attention on the
cost to raise a dollar," he says. "There is no
standard on reporting, and every charity
does it differently. If they are in and round
35 cents on the dollar, they are being
responsible, so focus on the impact they
have in the community or the people they
are serving."
VANCOUVER
FOUNDATION
EASTER
SEALS
