Making a legacy gift is simple and anyone can do it

February 22, 2024 •  By Centraide
Dame âgée souriante

Did you know that most people can make a legacy gift regardless of their financial or family situation? In fact, we can all plan a bequest to support the cause or charity that are important to us. It’s a great way to inspire future generations and to pass on the values we believe in as part of our legacy.

There is no need to be wealthy to make a legacy gift than you think

It is common to think that making a donation by will is reserved for a financial elite, but in reality, it is an option accessible to everyone. Moreover, it is a generous gesture that represents an investment in the future, an opportunity to leave a legacy for the next generations. 

Discover the inspiring story of France Séguin, a planned giving donor

Making a legacy gift

Anyone can make a legacy gift to one or several charities. In fact, the gifts you make annually to charitable organizations come from your current budget or your bank account. Gifts by will come from what we own, that is, from our estate. Therefore, even with a moderate income, it is possible to make a gift in your will.

Planning your bequest

Just as you plan to leave your assets as an inheritance to our family or loved ones, it is possible to include in your will a gift of a fixed amount to the charity of your choice. It’s called a specific bequest In another way, it is also possible to give what is left of one’s estate, in whole or in part, after payment of debts and distribution of specific bequests. This is called a residual bequest..

Talk to a professional

There are, of course, other types of planned gifts. Financial planners, wealth managers, lawyers and notaries are all professionals who can provide essential advice in this regard. Since they are usually familiar with a person’s financial status and family situation, they can help that individual choose the best way to make a gift to reduce the tax burden during its lifetime or to plan a legacy gift, therefore enhancing their generosity.

By planning a legacy gift to a charity such as Centraide, you are making sure that your values of mutual support and generosity live on with future generations. However, let’s remember that such a bequest is first and foremost a gift from the heart.

To learn more:

Practical guide
The essentials for preparing your will

We’ve put together a guide to help you begin thinking about your estate, start discussions with your loved ones, clarify your wishes, and make some important choices.