Legacy planning made simple: Top takeaways

Author: Nicola Hives, Director, Growth Strategy at Toronto Foundation

Despite their importance, most fundholders haven’t created long-term wishes for their fund. If you pass away or are unable to make decisions, these wishes function as guidelines for the Foundation to manage your fund. On May 14th we hosted fundholders and professional advisors in the office for a fun and insightful session on legacy planning to share how long-term wishes can help you unlock your fund's full potential. Here are the 3 key tips:   

1. Protect your legacy through a successor advisor: Whether you choose to pass on your fund to the next generation or wish to rely on the experience and knowledge of our expert staff, your long-term wishes name a successor advisor, ensuring that your fund is in capable hands for the future.

2. Ensure lasting impact where it matters most: Your fund can continue to make an impact after you're gone. You can designate specific charities, set guidelines for causes you care about, or support the Vital Toronto Fund to tackle the city's pressing issues. You also don’t need to choose just one avenue! You can also distribute your grants across multiple options by percentage.

3. Simplify your will: If you decide to leave an estate gift to your fund, you can simply name your Toronto Foundation fund  in your will and leave the detailed instructions for granting in your long-term wishes. This will also alleviate the burden on your executor by letting Toronto Foundation’s expert staff handle the details. 

Outlining your long-term wishes is a simple process: They can be updated any time and as your interests or circumstances change, so too can your long-term wishes. 

Please contact Sarah Muir at smuir@torontofoundation.ca to ensure your fund has a plan for the future. 

We were grateful to be joined by Promod Sharma, a Toronto Foundation fundholder and insurance professional who shared tips on how to utilize gifts of insurance to support your philanthropic legacy; Nadia Bechai, a trusts and estates lawyer who shared advice on how your will can be a tool to communicate your values and support the causes you care about; and Nicola Hives, Director of Growth Strategy at Toronto Foundation, who guided fundholders through creating long-term wishes for their funds.