Legacy and Charitable Gifts
Learn how to include charitable giving in your Will, why it matters, and how it shapes the legacy you leave behind
A Will is more than a document—it is your opportunity to influence the future, support the causes you care about, and pass on your values. Including a charitable gift in your Will is one of the most powerful and lasting ways to make a difference.
Whether you want to donate to a hospital, scholarship fund, or local charity, legacy gifts can be tailored to your life, your story, and the people or causes that mattered to you.
What a Charitable Bequest Is and How It Works
A charitable bequest is a gift left to a registered charity or nonprofit through your Will. It can take many forms, including:
| Type of Gift | Description |
|---|---|
| A specific amount | A set dollar figure (e.g., $10,000 to a local shelter) |
| A percentage of your estate | A proportion of the total (e.g., 5% of your net estate) |
| A specific asset | Property, securities, or art donated to a charity |
| A residual gift | Whatever remains in your estate after other gifts and expenses |
| A contingent gift | A gift that only occurs if other conditions are met |
Each method allows flexibility depending on your financial situation, goals, and tax planning needs.
Tip: You can give to more than one organization in your Will. Consider making a list of causes that reflect your values, then decide how to divide your gift.
Why People Choose to Give Through Their Will
For many, legacy giving is not just about tax savings. It is about making a final statement of what mattered in life. Charitable gifts can:
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Continue support for causes you were involved in during your life
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Teach your children or community about generosity and purpose
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Strengthen organizations that serve your values
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Create something lasting, such as a scholarship or research fund
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Offer comfort to loved ones by connecting your memory to a positive impact
Legacy gifts can be especially meaningful if you do not have close heirs or if you want to balance family inheritance with philanthropy.
Making Your Charitable Gift Legally and Financially Effective
For your gift to be valid and beneficial, it needs to be clearly stated in your Will and directed to a registered charity. Consider:
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Using the charity’s full legal name and registration number
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Working with a lawyer or financial advisor to ensure correct wording
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Consulting the charity itself for suggested bequest language
In Canada, charitable bequests can result in significant tax credits, which may reduce the amount of tax your estate owes.
Important: If you name a charity in your Will, let them know. Many organizations have legacy teams who can ensure your gift is used according to your wishes and help you leave the impact you envision.
How Charitable Giving Fits Into Your Estate Plan
At Optimize, we believe that legacy is not just about wealth—it is about meaning. We help you explore how charitable giving fits with your investment, tax, and estate strategies.
That might include:
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Donating publicly traded securities for additional tax efficiency
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Balancing charitable gifts with family inheritance
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Structuring bequests to maximize both impact and estate value
We help you look at the big picture so that your giving is aligned with your overall financial plan and values.
Why It’s Worth Starting the Conversation Now
You do not need to be wealthy to leave a charitable legacy. What matters most is intent. By planning early, you create the opportunity to give thoughtfully and powerfully—while still protecting the people and goals closest to you.
Whether you are setting aside a percentage of your estate or donating a single item, your legacy gift tells a story. It is one that lives on, long after you are gone.