Adding a charity to your will is a statement about what you value, and another way to keep making a difference for years to come
When most people think about their will, their first thought is family—ensuring that loved ones are cared for. But including a charity in your will is another meaningful option that can extend your impact and reflect the causes closest to you.
What legacy really means
When we hear the word “legacy,” it can feel intimidating or something reserved for the wealthy. But a legacy isn’t measured by dollar amounts. A legacy is about meaning.
Leaving a gift to a non-profit in your will is about creating a ripple effect of kindness and generosity, carrying forward the difference you’ve already made in the world.
Earlier this year, Variety hosted a webinar on legacy giving with our partners at RBC. One of the highlights was the “Five T’s” that help us understand the many ways we can leave a legacy:
- Time: the hours you dedicate through volunteering
- Talent: the skills and expertise you share to strengthen a cause
- Treasure: the financial support you provide, no matter the amount
- Ties: the connections you foster that inspire others to give
- Testimony: the stories you tell about why you choose to support
You can care for family and give to charity
One of the most common concerns is: “If I leave something to charity, will my family miss out?” The truth is, it doesn’t have to be either-or. Even a small percentage of your estate can make a big impact for children in BC, while still ensuring your loved ones are fully provided for.
In addition, charitable gifts made through your estate can also reduce the taxes owed, allowing you to direct more of your resources toward the people and causes you value, rather than the CRA.
Simple ways to begin
Adding a charity to your will is often easier than you think. You might choose to:
- Give a specific gift: You can leave a set amount of money or a particular asset (like securities or property) to a charity.
- Leave a percentage of your estate: Instead of naming a dollar figure, you can leave a percentage of whatever remains after your loved ones are taken care of.
- Designate your life insurance: Some people choose to name a charity as the beneficiary of a life insurance policy. This can create a larger gift than you might be able to give during your lifetime, while also unlocking tax benefits for your estate.
In many cases, it’s as simple as updating your will or filling out a beneficiary form.
Taking the next step
Leaving a gift in your will is a meaningful decision—a final reflection of the values that shaped your life, and a way to change children’s lives for generations to come.
If this idea resonates with you, we encourage you to talk to your family and a financial advisor. Consider how a gift in your will could fit into your plans. Then, reach out to us—we’d be honoured to discuss how you can provide for your loved ones while also supporting a brighter future for BC’s kids.
You can contact us at [email protected] or visit our planned giving page to learn more.