5 Expert Tips for Leaving a Legacy Gift

“Most individuals have a sense of how they wish to allocate their assets amongst their loved ones but it’s less common for them to have established ideas about leaving a gift in their will — even if they have donated generously to charities throughout their lives,” says Sara Pedlow, a Vancouver legal advisor who specializes in wills, trusts and estates. 

People are often surprised to learn they can support both their friends and family and the causes they care about, she adds. “A charitable bequest isn’t just about what you leave behind — it’s a powerful opportunity to focus on what you can achieve.”  

Here are five tips on how to leave a legacy gift that works for your estate, provides for your family and supports future generations:

1. Everyone can make an impact.  

Even modest estates — last year, BC Cancer Foundation donors collectively contributed more than $20 million through their estate plans.  

2. Build in flexibility.  

You can include a specific gift amount through your estate or include a percentage of your estate which provides added flexibility.  

3. Give in different ways.  

Consider cash, securities, registered plans like RRSPs or TFSAs, life insurance policies or other assets.  

 4. Start a conversation.  

Speaking with a charitable organization ensures your wishes are honoured and creates a meaningful partnership with lasting impact.  

 5. Get expert advice.  

Your lawyer, financial planner or tax advisor can help structure a legacy gift that supports your overall estate plan and provides valuable tax benefits for your estate.