Rehab and Community Care Medicine Winter 2024: Estate planning

When people think of “legacy giving,” it’s easy to imagine grand gestures—large estates, trust funds, or enormous donations—but the truth is, legacy giving is for everyone no matter your financial situation. This type of giving is about leaving a lasting impact and supporting the causes that matter most to you.

Each of us has a story and what we choose to leave behind is how that story continues. Whether you’re a caregiver, a healthcare professional, or someone who has spent their life caring for others, you understand the deep desire to make a lasting difference. Legacy giving offers a way to extend your care and compassion beyond your lifetime, nurturing the people and communities you love even after you’re gone.

Legacy gifts, no matter the size, are part of the financial mix that helps foundations and charities continue their important work. Non-profits rely on donations to essential services, and legacy gifts can help provide long-term stability and stable support. Including a charity in your will or estate plan means your impact will continue for generations to come.

Mental health affects everyone. In Canada, one in five people will experience a mental health challenge in any given year, yet mental health services in Canada are sorely underfunded and so are some of the organizations that provide services. The need for mental health services has never been greater, especially since the pandemic, with youth and young adults aged 16-24 reporting a 1.3 times higher rate of depression than adults.

A gift to a mental health organization can help expand access to mental health resources such as:

Legacy giving is flexible. You can leave a specific amount, a percentage of your estate, or other assets like stocks or bonds. Some people even name a charity as the beneficiary of a life insurance policy or retirement savings. Even a small portion of your estate, combined with others’ gifts, can create powerful change and bring the donor and their family peace of mind.

Talking to your loved ones about your legacy gift can feel a little daunting, but it doesn’t have to be. Here are some tips to help make that conversation easier:

1 Share your values: Your loved ones probably already know what’s important to you but explaining how your legacy gift reflects those values can help start a thoughtful conversation about what matters most to you—and to them.

2 Explain your why: If you’re leaving a gift in your will, it’s probably because you understand the significant impact that gift will make to your organization of choice. When you share why you’ve chosen to leave a legacy gift, you’re showing that you’ve thought carefully about the impact it will have. You might even tie it to a personal experience that makes the gift even more meaningful.

3 Focus on the bigger picture: Some people worry that legacy gifts impact what’s passed down to family and other loved ones. Connecting your gift to your personal legacy and explaining how it will support the wider community is a way to show that your gift is about compassion and care, a gift that connects us all.

4 Encourage loved ones to think about their own legacy: Your conversation can open the door for others to think about their own legacy and how they might want to give back. It’s a beautiful way to share your knowledge and passion for creating a lasting legacy.

The Foster Legacy Society is a collective of caring individuals who want to make a lasting impact. It is named after a very special member, Patricia Anne Foster a registered nurse who dedicated her life to caring for others. When she passed away, she left her estate to support CMHA’s fight for mental health as a universal human right. Patricia’s legacy of care lives on through CMHA, supporting the mental health and well-being of people across Canada—possibly even someone you love whether you know it or not.

CMHA’s legacy donors are building a new Canada; a Canada no one falls through the gaps and where all of us are supported to thrive. When you join CMHA’s Foster Legacy Society, you ensure that Canadians always have access to the mental health care they need, whatever the future brings. It’s a legacy of kindness, compassion, and community mental health care for all. cmha.ca