5 Basic Steps To Prepare For Making A Planned gift.
1. It takes a team: We recommend that you consult your lawyer, a financial planner, your bank manager, and your family.
2. Make a will: Your will is a personal statement reflecting your values and priorities. A will enables you to
- Designate a person to administer your affairs after you die (executor)
- Appoint someone to serve as guardian if you have dependent children
- Disburse your assets exactly as you wish
- Appoint a power of attorney in the event that you can no longer care for yourself
- Reduce the tax implications for your estate
3. Consider your priorities: What is important to you? Family, faith, justice, poverty reduction, climate change. How have you spent your life? What are your dreams?
If you have been supporting Effect Hope a planned gift can help continue our important work after you are gone.
4. How to give your Gift: There are many options for making a planned gift. Each one has it’s own benefits and tax implications. Some help us leverage our assets while we are alive, some maximize the wealth we leave behind.
For example: Gift annuities, Charitable Remainder Trusts, Bequests, Trusts, Endowments, Foundations, Life Insurance, RRSPs and RRIFs. We are here to help you understand the options and pick ones that best suit you.
5. Discuss your plans with the beneficiaries: Make sure everyone understands your wishes. That way your gift will be used exactly as you intended.
A short Checklist
Gather all important documents together, store them safely and let your executors(s) and/or those with power of attorney know where they are. This includes, but is not limited to:
- A list of all bank accounts and where they are held
- The name of your lawyer and financial planner
- Copies of all life insurance policies, annuity agreements, etc.
- Copy of your Will as well as the name and address of the lawyer who prepared it
- A list of any property, real estate, etc. you may have
- If you have pre-arranged funeral plans, make sure the person with your power of attorney and/or closest relative knows this information and provide them with the funeral planner’s contact information as well as this list
- Above all, feel at peace with the decision you have made. You worked long and hard to acquire the assets that you have, you need to know you have made the right decisions in their distribution