Leaving a Legacy
Many people choose to leave a legacy to the community through a bequest to the Foundation in their will. By making a bequest to the Foundation, you can retain the use and enjoyment of your assets during your lifetime and at the same time make a significant contribution to the community in the future. Your bequest will be honoured as an Estate Fund in our annual report, which is sent to all the Foundation’s donors and friends, published in the local newspaper and posted on our website.
A specific amount of money, specific securities, the residue of your estate (which is the amount remaining after any debts, expenses, outright bequests and taxes are paid), or a percentage of the residue of your estate may be donated through a bequest. The proceeds of life insurance or RRSPs and RRIFs may also be donated, although these are generally designated outside of your will to avoid going through probate.
To make a bequest to the Foundation in an existing will, you can simply ask your lawyer to add a codicil (a separate document that becomes part of your will), a relatively easy and inexpensive way to plan your future gift. We can suggest wording for your will. Your lawyer will need to know that the Foundation’s legal name is the Salt Spring Island Foundation and the address is Box 244, Ganges PO, Salt Spring Island, BC V8K 2V9.
For bequests of $15,000 or more, there are designation opportunities that you may wish to explore with the Foundation. Depending upon the value of your bequest, you can direct the annual income from your donation to a specific field of interest or to specific charities.