We often talk to donors who want to make a big impact on patient care at Royal Columbian, but aren’t sure they can afford to leave a gift in their Will. Frequently, we hear questions like:
- Will there be enough for my loved ones?
- What will my financial situation look like when I pass?
- Do I have enough to meet my own needs later in life?
Most often, the answer is yes. You don’t have to choose between prioritizing your loved ones and making a charitable gift in your Will. You can ensure your loved ones come first and still have a big impact on life-saving care at Royal Columbian.
How to Ensure Your Loved Ones are Prioritized in Your Will
Picture your estate as a pie. You decide who you want to share it with, and you get to determine the size of the slices. You can ensure that your loved ones get the biggest portion of your estate.
How? Instead of a fixed amount, consider leaving Royal Columbian Hospital Foundation a percentage of your estate. That way, your charitable gift will adjust according to future circumstances, and gifts to loved ones will remain proportional—no matter how your estate fluctuates.
3 Ways to Gift a Percentage of Your Estate
There are multiple ways to gift a percentage of your will to the charities of your choice. Talk to your lawyer or financial advisor about which of the following is the right choice for you:
- Gift a Percentage
This is the simplest option. Set up your charitable gift as a percentage of your estate and leave that percentage to Royal Columbian Hospital Foundation in your Will
- Leave a Percentage of the Residue of your Estate
The residue is the portion of your estate that remains after debts and taxes are paid, and other gifts are fulfilled. That residue or a percentage of it, can be set up as a charitable gift. This ensures that your gifts to your family are prioritized first, and the charitable gift comes after all other gifts have been disbursed.
- Make Royal Columbian Hospital Foundation a Partial Beneficiary
Another option is to make Royal Columbian Hospital Foundation a partial beneficiary of your registered retirement accounts, tax free savings account, or life insurance policy. These can be divided up like a pie as well, and you choose what percentage to give as your charitable gift.
All 3 of these options ensure that your charitable gift is proportional, and your loved ones are prioritized in your Will.
Your gift to Royal Columbian Hospital Foundation will support care for our sickest and most critically injured patients. It doesn’t need to be large—every slice makes a difference!
Still have questions? Connect with us.