Legacy Giving: How to Leave a Lasting Impact With Your Estate

When it comes to making a difference in the world, many of us strive to create an impact that outlasts our lifetimes. One increasingly popular approach to achieving this goal is through legacy giving. But, what is legacy giving, and how does it relate to estate planning? Let's explore these concepts and understand how you can incorporate them into your life.

What Is Legacy Giving?

Legacy giving — often referred to as planned giving — is a type of charitable contribution where an individual provides for a nonprofit or charity as part of their financial or estate plan. This thoughtful act is typically planned in advance and can involve bequests in wills, life insurance policies, retirement funds, or other financial assets. The ultimate aim of legacy giving is to ensure that one's wealth continues to create a meaningful difference even after their departure from this world.

The Significance of Estate Planning

To make legacy giving work, it's crucial to understand and undertake effective estate planning. But, what is estate planning exactly? Estate planning is a comprehensive process that involves the creation, management, and distribution of an individual's wealth after their death. It typically includes elements like making a will, setting up trusts, planning for estate taxes, and designating power of attorney.

Estate planning is not just about wealth distribution, though. It also helps mitigate potential disputes among heirs, ensures your wishes are respected, and — if done right — can even serve as a powerful tool for leaving a legacy.

How to Incorporate Legacy Giving Into Your Estate Plan

Understanding how to effectively weave legacy giving into your estate plan can help transform your final testament into a legacy of enduring impact. The following steps provide a roadmap to facilitate this process:

• Identify Your Values: Before embarking on this journey, it's crucial to recognize the causes that resonate deeply with you. Your passion might lie in bolstering education or healthcare initiatives, contributing to environmental conservation efforts, supporting religious organizations, or any other cause close to your heart.
• Find the Right Charity: Once you have identified the causes you wish to support, seek out a charitable organization that aligns with your values and objectives. Research thoroughly to ensure the organization uses its funds effectively toward its stated mission.
• Consult an Estate Planning Attorney: The laws surrounding estates can differ significantly based on your geographical location. As such, it is advisable to consult with an estate planning attorney who can provide expert guidance and ensure your legacy gift is established legally and efficiently.
• Draft Your Will: Your will is a legal instrument that dictates your wishes concerning the distribution of your estate upon your passing. Ensure you include your chosen charity in your will to formalize your legacy gift. If you need help crafting your will, here's a guide on preparing a last will and testament.
• Communicate Your Wishes: To minimize future surprises and potential disputes, communicate your plans to your family members and your chosen charity. Transparency in your intentions will ensure a smooth transition when the time comes.
• Review Regularly: Life is a journey full of changes. Your estate plan should mirror these changes and evolve accordingly. Therefore, it's imperative to periodically review and update your estate plan to accommodate any changes in your life circumstances.

Legacy giving provides a unique opportunity for individuals to extend their influence beyond their lifetime. When implemented correctly, it can become an essential component of an individual's estate plan, fostering a perpetual positive impact on causes that align with their values. So, consider legacy giving, and take the steps today to ensure your estate becomes a source of enduring good in the world.

Charitable giving is an opportunity to bless others as Christ blessed us. It’s also an important part of a sound financial plan. The Canadian National Christian Foundation provides philanthropic advice and wants to connect God’s money with God’s work. 

Our staff, our leadership, and our board are all believers who want to help you manage your assets and guide you through creative giving solutions that also benefit you. We can handle non-cash gifts efficiently, getting the money into the field as soon as possible with 100% of your principal always available for your charitable grant recommendations. You can get started by opening a donor-advised fund today!

About Canadian National Christian Foundation

CNCF is a community of givers who are seeking to advance the Kingdom of God by connecting the resources God has entrusted to them with His work on earth.

Similar to other public foundations, CNCF’s difference is the commitment of its staff and directors to the Word of God, its non-denominational history and status as a Christian foundation, and its ability to allow donors to donate anonymously, at a time and gift value of their choosing.  Learn more by visiting our website.