Building a brighter future for families on Vancouver Island – today and in the future.
The need for decent and affordable housing has never been greater. With rising rents, families living with lower income are under more strain than ever before. Yet our goals remain the same – to give more families the opportunity to change their lives through affordable homeownership with Habitat.
A legacy gift to Habitat for Humanity Vancouver Island North will help build the future of so many families in need of decent and affordable housing. After first taking steps to ensure your loved ones and heirs are cared for through your estate, a bequest gift can be a truly exceptional way to create a legacy for the future.
A gift in your will shows more than just foresight and careful planning, it reveals a lasting commitment to Habitat for Humanity and a desire to make a difference beyond your lifetime.
What to give?
A specific amount, a percentage, or the residue of your estate. You can bequest real property or securities.
Most legacy gifts are bequests: gifts established in someone’s will. Such a gift would allow your estate to realize tax savings in the future. These gifts enable people to make a more substantial contribution than they could afford during their lifetime. A gift in your will would have a deep impact on the future of Habitat Vancouver Island North and those that we serve in this community.
What are your next steps?
- Create a will that reflects your wishes. You can make your bequest in honour or in memory of someone special.
- If you already have a will and are considering a bequest to us, the easiest and least expensive way to make a small change in your existing will is to add a codicil. The codicil will retain all the provisions of your will, except those that are modified by this addition.
- Make an appointment with your lawyer to draft or revise your will. Your lawyer will help you with the key information and details. We have sample wording available to assist you and your lawyer.
- Contact us to inform us of your gift so that we can ensure we honour your request.
In 2018, Habitat for Humanity Vancouver Island North received the largest personal donation in our history. The gift came from the estate of Jim Wilks, a former teacher who became dedicated to Habitat’s mission after retiring in the Comox Valley.
Several years before he passed, Jim inquired about leaving Habitat a gift in his will. We later found out decided to leave the majority of his estate to Habitat, after providing gifts to his niece and nephew.
Jim retired in Comox after a 30-year teaching career. It was here that he became committed to helping our local Habitat for Humanity. He volunteered on and off for years, and the more he got to know about how the program worked, the more dedicated he became.
Jim’s bequest is having a transformational impact on local families in need of safe, decent, and affordable homes. Because of Habitat’s ‘revolving fund for humanity,’ in which homeowners' monthly mortgage payments are reinvested into a fund used to build more homes, his legacy will continue to grow for years into the future.
Types of Legacy Gifts
These are gifts created in a will and are generally made after a person has provided for their loved ones and other heirs.
A bequest gift may be for a fixed sum, or for a specified amount of the residue of the estate after other specific bequests have been distributed.
There are many ways in which you can use life insurance as a future gift to Habitat Vancouver Island North. Giving a new or existing insurance policy allows even people of modest means to make a sizable gift with only a small annual or monthly payment. As an additional benefit, there is a tax credit available, providing immediate tax relief.
An endowment is created when a donor designates their gift’s principal to be held while only the proceeds of that principal are used to fund the work of Habitat Vancouver Island North.
There are a number of other legacy gift options that you may consider when thinking about creating a future donation for the benefit of Habitat for Humanity Vancouver Island North. These include charitable remainder trusts, endowments, gifts of real estate as well as gifts of other types of assets.
For more information on these other types of legacy gifts please contact legacy@habitatnorthisland.com.