Leave a Legacy
Plan to leave a legacy that impacts future generations
Building a brighter future for local families – today and in the future.
The need for decent and affordable housing has never been greater. With rising rents and inflation, families are under more strain than ever before. Yet our goals remain the same – to give more families the opportunity to change their lives through affordable homeownership with Habitat.
A legacy gift to Habitat for Humanity Victoria will help build the future of so many families in need of decent and affordable housing. After first taking steps to ensure your loved ones and heirs are cared for through your estate, a bequest gift to Habitat for Humanity Victoria can be a truly exceptional way to create a legacy for the future. A gift in your will shows more than just foresight and careful planning, it reveals a lasting commitment to Habitat for Humanity Victoria and a desire to make a difference beyond your lifetime.
What to give?
A specific amount, a percentage, or the residue of your estate. You can bequest real property or securities.
Most legacy gifts are bequests: gifts established in someone’s will. Such a gift would allow your estate to realize tax savings in the future. These gifts enable people to make a more substantial contribution than they could afford during their lifetime. A gift in your will would have a deep impact on the future of Habitat Victoria and those that we serve in this community.
-
Bequests
These are gifts created in a will and are generally made after a person has provided for their loved ones and other heirs.
A bequest gift may be for a fixed sum, or for a specified amount of the residue of the estate after other specific bequests have been distributed.
-
Life Insurance
There are many ways in which you can use life insurance as a future gift to Habitat Victoria. Giving a new or existing insurance policy allows even people of modest means to make a sizable gift with only a small annual or monthly payment. As an additional benefit, there is a tax credit available, providing immediate tax relief.
-
Endowment Gifts
An endowment is created when a donor designates their gift’s principal to be held while only the proceeds of that principal are used to fund the work of Habitat Victoria. Ask us about how you wish to help build a better future for families. Learn more about how you can help build a better future for families through an endowment gift.
What are your next steps?
Create a will that reflects your wishes. You can make your bequest in honor or in memory of someone special.
If you already have a will and are considering a bequest to us, the easiest and least expensive way to make a small change in your existing will is to add a codicil. The codicil will retain all the provisions of your will, except those that are modified by this addition.
Make an appointment with your lawyer to draft or revise your will. Your lawyer will help you with the key information and details. We have sample wording available to assist you and your lawyer.
Contact us to inform us of your gift so that we can ensure we honour your request.
Other Types of Legacy Gifts
There are a number of other legacy gift options that you may consider when thinking about creating a future donation for the benefit of Habitat for Humanity Victoria. These include charitable remainder trusts, endowments, gifts of real estate as well as gifts of other types of assets.
Benefits of leaving a donation in your will:
Tax Advantages – Your estate will receive a tax receipt or the entire amount of the gift.
Control – You may change your will at any time.
Simple – Easy to arrange. Simply ask your lawyer to add a codicil to your current will or include Habitat for Humanity Victoria when creating a new will.
Flexible – The designation is revocable and can be changed if your financial circumstances alter.
Cost Effective – There are no extra out-of-pocket costs.
Peace of Mind – You can arrange your gift and know it will occur just as planned.
Memorialize – Your bequest can create a lasting memorial for you, your family or anyone you may wish to honor.
Opportunity – An opportunity to make a significant gift.
Recognition – Your gift can be honoured during your lifetime, should you wish.
For more information on these other types of legacy gifts please contact info@habitatvictoria.com
-
Creating your legacy through a bequest for Habitat Victoria in 3 easy steps
Bequests are gifts created in a will and are generally made after a person has provided for their loved ones and other heirs. Gifts made by will are deemed to have been made in the year of death. Therefore, the estate receives the charitable tax credit and can offset any tax owing. A bequest gift may be for a fixed sum, or for a specified amount of the residue of the estate after other specific bequests have been distributed.
Step 1: Make the decision that creating a bequest gift through your will is the right step for you to take. Determine the type of gift and amount you wish to donate and whether it should be used for Habitat for Humanity Victoria priorities or for a specific program.
Step 2: Call your lawyer and request that they include a codicil in your will that establishes a gift for Habitat for Humanity Victoria. Provide your lawyer with the legal written name and address:
Habitat for Humanity Victoria, 849 Orono Ave, Victoria BC V9B 2T9
Your lawyer will handle the remaining details. Many lawyers will include this codicil in your will without cost.
Step 3: If you feel comfortable, contact us to let us know when your gift has been created. This will allow us to add your name to our list of donors who have told us they will be honouring Habitat for Humanity Victoria in their estate plan and will give us an opportunity to express our gratitude.
It will also allow us to ensure that we understand how you wish us to use your gift.
For more information on gifts through your will to Habitat for Humanity Victoria please contact info@habitatvictoria.com
-
Creating your legacy through a gift of life insurance
You can provide a meaningful contribution through the gift of life insurance. This cost-effective method of donating to Habitat for Humanity Victoria can create a future gift that is considerably larger than many donors would have been able to make during their lifetime. A gift of life insurance allows you to pay, on average, only three or four cents on the dollar per year for a gift. An immediate cash donation of the same size would mean providing the full dollar amount.
There are many ways in which you can use life insurance as a future gift to Habitat Victoria. Giving a new or existing insurance policy allows even people of modest means to make a sizable gift with only a small annual or monthly payment. In addition, there is a tax credit available, providing immediate tax relief. You will not reduce your family's share of your assets by this form of giving because you provide the funds through premium payments out of your current income.
When giving a gift of life insurance, you may:
· Assign as irrevocable or revocable a paid-up policy to Habitat for Humanity Victoria.
· Assign as irrevocable or revocable a policy on which premiums remain to be paid - you may pay the premium(s) or Habitat for Humanity Victoria will pay the premiums provided you make equivalent contributions for that purpose.
·Name Habitat for Humanity Victoria as a primary or secondary beneficiary.
You can:
· Designate Habitat for Humanity Victoria as the owner and beneficiary of your life insurance policy. We will send you a tax receipt annually for your premium payments.
· Donate a paid-up policy you no longer need. We will send you a tax receipt for the cash value.
· Assign Habitat for Humanity Victoria as the beneficiary only. This gives you the flexibility of changing the beneficiary.
Benefits for leaving a gift of life insurance:
Convenient – The transaction is simple. Your life insurance specialist can advise you on the type of policy that would best fit your needs, custom design your program and carry through with the necessary paperwork.
Inexpensive – A way to make a larger gift than you might otherwise be able to, without depleting your current assets now or your estate later.
Leverage – The ultimate value of your policy will be far more than the premiums you pay.
Save Taxes – You receive immediate tax relief in the form of charitable tax receipts for the premiums paid.
Estate Preservation – Your estate is not diminished because life insurance, by its nature, can create a benefit that resides outside your estate.
Eliminates Probate, Legal & Executor Fees – Life insurance is not subject to probate costs or delays in settlement. The full proceeds are payable to Habitat for Humanity [Affiliate] at maturity or your passing.
Peace of Mind – You can arrange your gift and know it will occur just as planned.
Control – Your gift is not a matter of public record so you may remain anonymous. Unlike a will, your gift cannot be contested.
Recognition – Your gift can be honoured during your lifetime, should you wish.
For more information on gifts of life insurance to Habitat Victoria please contact info@habitatvictoria.com
-
Endowments to Habitat Victoria
An endowment is created when a donor designates their gift’s principal to be held while only the proceeds of that principal are used to fund the work of Habitat for Humanity Victoria. Every endowment agreement is different and is created by the donor, along with Habitat for Humanity Victoria, to meet the wishes of the donor. The use of the funds can be directed to specific areas of programming at Habitat for Humanity Victoria or left to the discretion of the organization.
Any gift to Habitat for Humanity Victoria is meaningful and important to us, and we would be pleased to provide information and resources as you consider and create your gift. Please do not hesitate to contact us so that we can work with you to make your legacy a moment that transforms your philanthropic dream and the lives of future Habitat homeowners.
For more information on endowments to Habitat Victoria please contact info@habitatvictoria.com
