Why I chose to leave a legacy - By Patrick Miskiman

The concept of legacy giving began to occur to me when I was manager of the Nipawin Credit Union. As a confidante, I was often approached by credit union members with the question, "How do you think I should disburse my assets after my death?" I initially gave them such stock answers as, "Give your beneficiaries a gift before your death," or "Make sure your land titles are in joint names with your spouse or beneficiaries."

I found that some people accepted these answers, while others wanted to do something for the community as well as provide for their loved ones. I began to suggest they leave a percentage of their total estate to their churches, friends, caregivers and local charities. Since I wasn’t involved in the actual drafting of the wills, I never knew if they took my advice. It was only after the death of some of these people that I began to recognize the tremendous impact that such considerations can have on the local community.

As my own retirement neared, I knew I had to update my own will. My old will contained guardians for my now adult children and executors who I hadn't seen in years. As well, my role in the local health foundation had changed from that of "caretaker" of the bond portfolio to that of an active participant in designing a new, effective fundraising organization.

My wife and I are both strong supporters of the local community, so it didn't take long for us to reach a consensus. We agreed to provide for each other in our wills, but when we are both gone, our executors (now our children) are instructed to convert everything to cash and disburse as follows:

• 10% Local Church
  
  
• 10% Local Health Foundation
  
  
• 80% equally among our children or their beneficiaries

We chose percentages as opposed to specific amounts because we have no idea what our gift will be. It would be unfair to state a fixed dollar amount, which could leave our children with little or nothing as their share.

Like funeral arrangements, the division of your assets is never an easy subject to discuss – especially with your children. However, you must make them aware of your wishes. Such decisions should be made with the advice of your Lawyer and Tax Accountant to make sure your gift not only fulfills your wishes, but also provides the maximum financial benefit to you and your family.