by Hilary Beard, Director, Gift & Estate Planning at BC Children’s Hospital Foundation
Your legacy can be surprisingly easier than many other things you plan for in life—and may be one of the most important plans you make.
Planning for the next stages of life can build a better tomorrow. By outlining your hopes and dreams for your future legacy, you can help others in meaningful ways. Many donors to BC Children’s Hospital Foundation have shared that putting their plans in writing has brought them a deep sense of fulfillment, purpose and peace of mind—knowing they’re creating a healthier future for children.
Ready to start creating a meaningful legacy? Here are a few steps to guide you.
Begin with your values
An easy starting point for your legacy planning is to reflect on what matters most to you. Think about your loved ones, the causes that inspire you and the values that guide you. With many organizations dedicated to important causes, it’s helpful to consider the unique impact of the charity you support.
For example, BC Children’s Hospital is the only pediatric hospital in the province devoted exclusively to the care of children. Each year, 100,000 children from across BC and the Yukon count on it for specialized care. It’s also one of the few facilities in North America that has an acute care centre, rehabilitation and assessment centre, mental health service provider and research institute—on a single campus.
All donors to BC Children’s are deeply committed to improving children’s health—and regularly receive updates on how our researchers continue their pursuit to cure and prevent childhood illness to ensure BC’s sickest kids receive world-class care.
Creating your legacy
Once you’ve chosen your beneficiaries, the next step is to list all your assets. This includes the ones you can see and hold, digital assets, and those that come into effect at a specific time, such as insurance.
There are many simple and effective ways to create your legacy for a cause you hold dear. One option is to include a clause in your new or revised Will specifying the legal name and charitable registration number of your chosen charity. It can also be added through a codicil in your existing Will, which is helpful in cases where a complete revision isn’t necessary. Be sure to bring all your documents to your appointment with your lawyer so the full picture of your wishes is clear.
You might also consider designating registered assets—such as RRSPs, TFSAs, RRIFs or LIFs—directly to your chosen charity through your financial institution. Some pensions may also be directly designated to charity. Remember that designated financial assets won’t be administered under your Will, as your financial institution will ensure those accounts are sent to the charity you’ve officially named. If you prefer that your Will handle all your assets, BC allows certain persons to challenge your Will.
Different legacy gift options have other benefits, such as charitable tax receipts, now or in the future.
Guidance every step of the way
Sometimes, personal situations may be more complicated. BC Children’s Hospital Foundation can support you by offering tips for choosing advisors, your executor and more. Context can be important to discuss with your charity beneficiary and all your advisors so that your legacy plan does not result in unintended impacts.
You’ll also find diverse resources to help you choose one or more legacy gift options that suit your preferences and family situation. We’ve carefully curated these resources from a donor’s viewpoint to help you consider which questions you should ask your advisors.
Resources include handy facts about the most common legacy gift options. These range from faster gifts to your favourite charity, to thoughtful ways to give assets you no longer need (like a vacation home or insurance policy), to legacy options that ensure your wishes are carried out. We also have a helpful checklist to keep you on track.
Bring along our suggested Will clauses to your lawyer or notary to help your advisor. Consider using percentages for your beneficiaries so your future gifts rise or fall after meeting your needs first.
Finally, our team is here for in-depth conversations, which typically are vital starting points in the decision-making process. We offer an unbiased listening ear and can share insights from years of helping donors. Our goal is to help you explore your options, avoid pitfalls and raise considerations to help you bring the correct information to your advisor.
We’re here to help
For free resources or a conversation, contact our legacy team at 604.335.5882, legacy@bcchf.ca or visit our website www.bcchf.ca/legacy.
If you have already included BC Children’s Hospital Foundation in your Will or other designated asset, please let us know so you can enjoy our free Legacy Circle member benefits.
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