Remembering Saint Stanislaus College Alumni Association Toronto (SSCAAT) in your Will
Although many people tend to put off making a will while they are enjoying good health, a will is one of the most important deeds you can undertake. As the culmination of a lifetime's financial planning, it is the only way to ensure that your assets are distributed as you would have wished.
A Will allows you to provide Bequests, Legacies, and “in memoriam” gifts to any Family Member or Organization that you wish to benefit from your estate, and is the only way to ensure that your Estate is distributed without legal complications and costs.
Bequests, legacies, and “in memoriam” gifts are often difficult subjects to address as many people automatically associate these terms with death.
But, of course, making a will is one of the most important deeds you can undertake. It is the culmination of a lifetime's financial planning, and it is the only way to ensure that your assets are distributed as you would have wished.
Making a gift to SSCAAT in your will is a wonderful way to provide a lasting legacy of support and commitment. Many people cannot afford to give large gifts during their lifetime, but can make a significant donation in their will.
After providing for the future of those closest to you, you may wish to show your support for an association at a level you were not able to afford during your lifetime. SSCAAT is grateful for all legacies, large and small, and we appreciate that such a decision is one of the most considered and personally significant gifts that you are ever likely to make.
Ways to give a legacy
There are five common ways to give a legacy:
This is a simply legacy of a specified sum of money to a named beneficiary.
The residue of your estate is the value remaining after all pecuniary legacies, debts, and other charges have been met. The advantage of a residuary legacy is that its value will not be eroded by inflation.
A reversionary legacy is a valuable way of both providing for family or friends and benefiting SSCAAT. It involves leaving assets to a chosen beneficiary to use during his/her lifetime, with the whole or a portion reverting to SSCAAT on his/her death.
4. Non-money gifts
A legacy need not be in the form of money. Specific gifts in the form of stocks and shares, works of art, and other valuables also can be bequeathed to SSCAAT.
A conditional legacy addresses the possibility that you may survive all your named dependents. It would ensure that, in this event, your estate would be left to SSCAAT and to any other beneficiaries you may name.
Another strategy which addresses the “how” is using life insurance to fund charitable bequests at death. Many people use the gifting of life insurance proceeds as part of their tax and estate planning since proper structuring can allow them to claim the life insurance premium or the resulting death benefit as a tax deduction.
As the Government gets more and more reluctant to issue charitable status to organizations which do not meet all their requirements, we’ll find people going beyond the tax structure incentives and just use life insurance as a gift to non-charities.
Organizations like ours, SSCAAT, are registered as not-for-profit organizations. Unfortunately, we do not as yet have Canadian charitable status since 100% of our mandate is to support the old school in Guyana by raising funds in Canada. However, it does not preclude anyone from naming SSCAAT as a beneficiary or partial beneficiary of a life insurance policy.
In all cases, we strongly recommend that you seek professional advice when writing your will.
For further information, consult: