Growing up it was not uncommon to hear my mother say, “money doesn’t grow on trees.” But it was my father who reminded us that as with anything, it’s best to have a healthy balance. He would say, “It’s good to plan for the future but you still need to live today.”
Recent research conducted by Environics Analytics, found that “At present, 5% of Canadians create a gift in their Will to charity”. They also found that, “just under one third (31%) of Canadians surveyed said they were interested in creating a charitable gift in their Will. Their primary motivation? “I want to help the charities I care about continue their good work.” Close to two thirds (63%) of Canadians surveyed said they were not interested in creating a charitable gift in their Will. The main obstacle is their desire to leave their entire estate to loved ones. In fact, most don’t even consider the option because they do not believe it possible to support both charity and family in their Will!” The good news is, we usually don’t have to choose. Often, because of the tax advantages of a charitable gift through a Will, the inheritance may not be as affected. That’s why it’s good to talk to a financial advisor or financial planner.
Let’s imagine your estate was $450,000. You may want to leave most of the estate to your loved ones. But what if you left a small portion of your estate, such as 5%, to your church or charity of choice? That small percentage translates to a $22,500 donation. That’s a bigger impact than most of us would ever be able to make during our lifetime through a single gift. Imagine what could be accomplished with a donation that size!
Drafting a Will can seem complicated and even gloomy. But sharing your hopes and expectations with loved ones regarding your Will is important. Even more important though, is taking the time to write it out. Making a Will is an opportunity to think about your relationships, what you own, what certain possessions mean to you, how these may help others, and how they play a role in your Christian faith. Your Will is more than a document about possessions. It is a personal statement reflecting your values and priorities.
For a church, being notified of a gift in a Will after the giver has died is often a mixed blessing. So often the recipients, such as the people and community of a church, want to show their gratitude. That’s why a volunteer, who wishes to remain anonymous, with their parish stewardship team here in our diocese, was grateful their most recent bequest was expected. She said, “They had shared with me and our rector that they would leave a financial gift to our church. They had also told their children. They agreed too that we could share the news with our church after their death. Their decision affirmed the work of the church here. Their gift was like a morale boost. And the giver knew we were grateful for their dedication because me and the rector were able to say thank you. They weren’t rich – they were ordinary people like most of us. They were faithful and demonstrated their faith through their gift.”
The Cathedral Church of All Saints, Halifax, has also been fortunate to receive gifts from Wills over the years. Some gifts have been endowed to support long-term ministry. Some have augmented the Cathedral Church’s annual operating funds. Others have been directed to support the outreach ministries of the church or to offset building repairs and expenses. Many have come with no terms of reference at all. Regardless of their size or designation, each gift from a Will is viewed as a beautiful expression of the giver’s faith. As Rector and Dean, The Very Reverend Paul Smith, shared, “All of our different resources are a gift from God. We truly do not own anything. Stewarding our different resources demonstrates our love for God and our neighbours. As we prayerfully give to support the mission and values of our faith tradition, we are using our resources as a steward – as a disciple. I’m grateful to the many people who have prayerfully and generously gave to ensure the mission and ministry of the Cathedral Church continues.”
As faithful stewards we care for our resources and manage them as wisely as we are able. Giving back through a gift in our Will can mean providing for the church, a ministry of the Diocese, another charity that demonstrates our values and faith or a mixture of these. Making a Will is an opportunity to think about what we own, what certain possessions mean, and how these may be able to show our values and faith long after we are gone.
Want to learn more about gift planning, Wills, or other financial gifts, contact the Diocesan office at [email protected]. To see the study by Environics Analytics visit bit.ly/3RttF45
