SPECIAL FEATURE
C R E A T E A L E G A C Y
"Legacy giving is future focused," says
Beard. "While most donations made with cash
or securities today can have an immediate
effect, a legacy gift—planned through your
will or other financial assets which may
be designated—is designed to make its
powerful impact at a future time." Legacy
donations are made through an individual's
estate plan (often a will), and could be a fixed
amount of money, a percentage of an estate
or specific assets like property or securities.
"As the name suggests, legacy giving
is a method of contributing financially,
posthumously," explains Sylvia Zylla,
Legacy Giving with the Burnaby Hospital
Foundation. "Legacy contributions can also
provide various tax benefits, particularly in
reducing estate taxes for the donor's heirs,
making them not only meaningful, but also
practical," she adds.
And this type of planning is becoming
increasingly familiar to younger generations
(we're looking at you Gen X) as they look
ahead to their future.
FINDING THE WILL
Unsurprisingly, the younger the age group,
the lower the percentage of individuals who
have a will (let alone one that's up-to-date),
according to a 2023 study by the Angus
Reid Institute.
But thanks to awareness campaigns by
charities, says Kim Findlay, the divisional
director of development for The Salvation
Army, families are starting to be more
transparent about estate planning
intergenerationally—and getting on it earlier.
"Still only about 48 percent of the
population has a will," he says. "So, we're
starting to see more and more people
planning and creating that will to take care
of not only their family, but to build in a gift
to help support those organizations that
they've supported throughout their life."
People are also narrowing in on
what kind of impact they'd like their
legacy donation to have. "It might be in a
particular program or service, maybe for
homelessness or addiction recovery, or for
women's programs, or children's programs,
so they're really being more specific of how
they like to direct that gift," says Findlay,
"[and we're] starting to see a little bit more
of a trend where they're engaging their
whole family in that decision making."
Increased awareness comes alongside
new digital platforms like Epilogue or
Willfora that are simplifying estate planning
"
It doesn't matter
the generation. The
moment you have a
child, the moment you
buy your first home,
you start accumulating
assets—and with them,
the opportunity to shape
your legacy.
"
–HILARY BEARD, director, gift &
estate planning, BC Children's
Hospital Foundation
"
Leaving a legacy
encompasses the
summation of one's
life lived in accordance
with their core values
and beliefs. It also
entails inspiring the
next generation
to reciprocate the
generosity and
kindnesses received
throughout their lifetime
from family, friends and
the community.
"
–SYLVIA ZYLLA, Legacy Giving,
Burnaby Hospital Foundation.
