A legacy gift in your will

A gift in your will reflects not only foresight and careful planning, but also a desire to make a lasting difference in the community. By considering a legacy gift to the WoodGreen Foundation, you can help us build a healthier and more equitable city, where everyone has an opportunity to thrive.

 

Your gift can be for a specific amount, a percentage, or the residue of your estate; you can also bequeath real property or securities. Most legacy gifts are bequests: gifts established in your will. Such a gift would allow your estate to realize tax savings in the future. Usually, these gifts enable supporters to make a more substantial contribution than might be possible during their lifetimes. That means a gift in your will would have a deep impact on the future of WoodGreen and the communities we serve.

 

What are your next steps?

 

1. Create a will that reflects your wishes. You can make your bequest in honour or in memory of someone special.

 

2. If you already have a will and are considering a bequest to the WoodGreen Foundation, the easiest and least expensive way to make a small change in your existing will is to add a codicil. The codicil will retain all the provisions of your will, except those that are modified by this addition.

 

3. Make an appointment with your lawyer to draft or revise your will. Your lawyer will help you with the key information and details. The WoodGreen Foundation has sample wording available to assist you and your lawyer.

 

4. Please contact the WoodGreen Foundation to inform us of your intentions.

 

After first taking steps to ensure your loved ones and heirs are cared for through your estate, making a bequest gift to The WoodGreen Foundation can be a truly exceptional way to create a legacy.

 

Gifts made by will are deemed to have been made in the year of death. Therefore, the estate receives the charitable tax credit and can offset any tax owing.

 

Download the information sheet Bequests

 

 

How to create a bequest for the WoodGreen Foundation

 

Step 1: Decide if creating a bequest in your will is right for you. Determine the type of gift and amount you wish to give and if you would like to have it used for WoodGreen’s area of greatest need or for a specific program.

 

Step 2: Contact your lawyer and request that they include a codicil in your will that establishes a gift for The WoodGreen Foundation. Provide your lawyer with the legal name and address of the WoodGreen Foundation as follows:

 

The WoodGreen Foundation

815 Danforth Ave., Suite 402 Toronto ON M4J 1L2

 

Your lawyer will handle the remaining details. Many lawyers will include a codicil in your will without cost.

 

Step 3: If you feel comfortable, contact us to inform us of your planned gift so that we can express our gratitude.

Other types of legacy gifts

There are a number of other legacy gift options that you may consider. These include charitable remainder trusts, endowments, gifts of real estate as well as other types of assets.

 

Download the information sheet Life beneficiary

 

Life insurance

 

Giving a new or existing insurance policy allows people of even modest means to make a sizable gift with only a small annual or monthly outlay. You will not reduce your family’s share of your assets through this form of giving because you provide the funds through premium payments out of your current income.

 

The insurance benefit will eventually be paid to The WoodGreen Foundation. It is separate from your estate so there are no administrative costs or probate fees. Your gift has no effect on your estate’s assets. You will receive a charitable tax receipt that can be used either during your lifetime or for your estate.

 

Download the information sheet Life Insurance

 

 

Advantages

 

  • Easily arranged with your life insurance specialist
  • An inexpensive way to make a larger gift without depleting your current assets or your estate
  • The ultimate value of your policy will far exceed the premiums you pay
  • Receive immediate tax relief in the form of charitable tax receipts for the premiums you pay
  • Know that your gift will occur as planned
  • Your gift is not on public record; unlike a will, your gift cannot be contested
  • Your gift can be honoured during your lifetime

 

Ways to donate

 

  • Name The WoodGreen Foundation as beneficiary of your life insurance policy. Your estate will receive a tax receipt for the proceeds of the policy.
  • Transfer ownership of a paid-up policy to The WoodGreen Foundation. You can receive a current tax receipt for the fair market value of the policy or defer the tax receipt for your estate.
  • Transfer ownership of a partially paid-up policy to The WoodGreen You will receive a tax receipt for the fair market value of the policy and annual tax receipts for your ongoing premium payments.
  • Take out a new policy with The WoodGreen Foundation as the owner and beneficiary and receive annual tax receipts for your ongoing premium payments.

 

Please seek expert advice:

 

The WoodGreen Foundation strongly recommends that you seek professional financial, insurance and/or legal advice to ensure your financial goals are considered, your tax situation reviewed, and that your legacy gift is tailored to your circumstances. A financial or legal advisor should review in detail what plan best fits your needs. Before considering any changes, please ensure that you have satisfied the needs of your family.

Need Help?

For more information about making a gift in your will, please contact Michelle Kerr, Vice President of Development.

Contact Information

Michelle Kerr

Vice President of Development

(416) 645-6000 ext.4006
mkerr@woodgreen.org

The WoodGreen Foundation Legacy Society

When you leave a legacy gift to The WoodGreen Foundation, you become a member of our Legacy Society and enjoy the following benefits:

 

  • Invitation to the Annual Legacy Society Recognition Event
  • Your name(s) in the Annual Donors List and on the WoodGreen website
  • Invitations to WoodGreen donor recognition and celebration events