Zlotnik recommends including adult
children in legacy planning discussions
with professionals, particularly in complex
estates with high-net-worth individuals.
"It can be useful if the parent is willing to
share what their objectives are," he says.
"Some parents have the attitude that it is
their money, and they can do whatever they
like with it, while others have a generation-
to-generation legacy attitude and want to
include their children at the right time."
CHECK IN WITH THE CHARITY
Once donors have a plan in place, it is
important to discuss it with the charity, even if
the exact terms of the gift are not yet decided.
"Not only will the charity want to thank you,
but this is an important step to ensure that
they can actually carry out your wishes," Hikida
says. "There can often be confusion about
what exactly a charity does or how to name
it in your will, but the charity often has
suggested wording to review with a lawyer."
Consulting with the charity early
ensures they understand how the gift
should be used and gives the charity the
opportunity to keep the donor informed of
how they continue to help.
"This also allows you to be prepared
and to maximize the impact of your legacy
through tax savings, but it also ensures that
the charity of your choice has the support
it needs to continue its good work, without
delay," Lin says.
GET SUPPORT
Charities often have dedicated legacy
giving support teams, a network of trusted
and experienced estate lawyers, financial
planners and other professionals, and some
even have partnerships with agencies that
can help donors set up their wills.
"We provide sample wording to include
in your will to name the residue of your will,
name a specific amount or piece of property
and include the power to vary, if you intend
to direct your gift for a specific project or for
a specific use," Hosak says. "This ensures your
gift is carried out exactly as you intended."
Once a professional has signed off on
the paperwork, it is important to store
the documents carefully.
"A will should be stored in a secure
location and a copy shared with the
executor and/or registered with the BC
government's Will Registry to ensure
the executor knows where to find the
document," Beard says. "Ensure the secure
location of your original copy is known to
your executor."
Reach out to the charity of your choice
to start building the future and your
legacy today.
LEARN MORE
BC Children's Hospital Foundation |
bcchf.ca/legacy
Easter Seals BC/Yukon |
eastersealsbcy.ca
Family Services of Greater Vancouver |
fsgv.ca
Kidney Foundation of Canada, BC &
Yukon Branch | kidney.ca
The Salvation Army | salvationarmy.ca
Vancouver Foundation |
vancouverfoundation.ca
ZLC Financial | zlc.net
C R E A T E A L E G A C Y
A gift made through your Will is an easy way to leave a legacy, while
also making a lasting impact on the cause closest to your heart.
A charitable gift in your Will can reduce the taxes owed, and in some cases even
eliminate them, while leaving the same amount of money to your heirs.
Leaving your legacy is simple.
To learn more contact Shannon Bernays at sbernays@eastersealsbcy.ca or 250-415-2156
Leave a legacy
with impact.
eastersealsbcy.ca
