A donation through your will enables you to plan now for the legacy you want to create — one that reflects your life, values and the community issues or organizations that are important to you.
Hamilton Community Foundation can help you make a difference in the lives of others even after you are gone through flexible giving options that achieve both your philanthropic and financial goals. We do this by working with you and your advisors to:
- Consider the lasting difference you want to make through your estate. This may be accomplished by contributing to an existing fund at HCF, or by creating a new fund
- Structure the charitable portion of your estate plan based on your philanthropic goals
The most common options for leaving your legacy are a donation in your will, donating a life insurance policy or designating HCF as the owner and beneficiary of your RRSP or RRIF. For each of the donation options below, you can choose to direct your donation to a fund that already exists at Hamilton Community Foundation or we can help you create a fund that reflects the legacy you would like to leave.
Donating through your will
Leaving a donation in your will, as either a specified amount or as the residue, is an easy way to create your legacy fund. With a donation in your will:
- You can use your assets during your lifetime
- Your estate will receive a tax receipt for the donation you specify
- You can revise your will at any time in your life if your circumstances change
- You can ensure that your legacy reflects your philanthropic goals
We’ve created sample will clauses to help you as you consider your donation.
Donating life insurance
Creating your legacy through life insurance is easier than it may sound. You can donate an existing policy or purchase a new one and, in either case, simply name HCF as the owner and beneficiary. Charitable donation receipts are issued based on how the donation is structured and are generally either issued
- to you in your lifetime for cash value and the value of any future premiums paid, or
- to your estate for the full value of the policy proceeds.
Donation of RRSPs/RRIFs
Some donors choose to donate their RRSPs or RRIFs to HCF, either to an existing fund or a fund established specifically to meet your philanthropic goals. You can easily name HCF as the sole or partial beneficiary of your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF).
To find out more, contact a member of our Philanthropic Services team.