Who can make a legacy gift? Is this something only rich people do?

Anyone can make a legacy gift! While words like “estate” may conjure images of wealth or luxury, the truth is that nearly everyone has material and financial assets that they’ll eventually leave behind. Legacy giving is less about divvying up a fortune than about deciding how you’d like those resources to be used after you no longer need them.

Regent has been greatly blessed by legacy gifts from individuals with all kinds of backgrounds. Most of them weren’t particularly wealthy, but they’ve made an incredible and lasting difference through their generosity with what they had.

How old should I be when I start thinking about wills and estate plans?

This is a very personal choice, and there’s no simple rule of thumb to follow. We can’t give you specific guidance, but here are a few things to consider as you think it through.

Writing a will doesn’t mean you think you’re running out of time, it just means you’re planning ahead—probably way ahead. Most wills sit around doing nothing for decades, and that’s great!

There’s no real downside to getting started early. Once you’ve written a will, you’re free to change it whenever you like. In fact, legal and financial pros recommend reviewing your estate plans regularly and making updates as your circumstances change over time.

Having this kind of plan in place can do a lot for your peace of mind. It’s an opportunity to speak up for yourself and make practical choices that reflect your loves, values, and priorities.

Many people find the process of writing a will quite educational. You’re likely to emerge with a better understanding of your current finances and greater knowledge about future possibilities.

Finally, in our experience, thinking about your long-term plans and legacy is an opportunity to remember and celebrate the places, people, and experiences God has used in your life. It’s also a chance to participate in God’s work among future generations. And that’s worth doing at any age.

How hard is it to make a legacy gift?

Probably not as hard as you think. The exact steps required depend on a variety of factors, including your financial situation and what you want your legacy gift to accomplish, but the most common types of legacy gifts (such as a gift in your will, insurance policy, or retirement account) can be quite easy to set up.

That said, it may be worth taking some extra time to explore your options. There are lots of different ways to help Regent through legacy giving, and lots of ways you and your family can benefit in the process. That’s why we always recommend talking to a financial or legal professional about legacy giving and other long-term financial plans. An expert can help you make a gift that meets your unique needs and goals.

Does making a legacy gift mean I’ll have less to pass on to my loved ones?

No, not necessarily. Some types of legacy gifts are specifically designed to avoid this. And if you're making a gift through your will, you can specify which beneficiaries should receive a set amount of your estate, and which should receive a gift from what’s left over.

The case studies shared on the Types of Legacy Gifts page includes several examples of how legacy gifts can be set up with the interests of a donor's heirs in mind.

Are there tax benefits to making a legacy gift?

Yes! Many people find legacy giving advantageous for themselves and/or their heirs because of the various types of tax benefits that can accrue through legacy giving. Some types of gifts (such as a gift through your will or retirement account) may help reduce the tax owed on your estate, and some types of gifts (such as gifts through a life insurance policy or charitable gift annuity) provide donation receipts for contributions made during your lifetime. The Types of Legacy Gift page illustrates a few possible outcomes, but you should always consult with a professional if you have questions about the tax implications of legacy giving for yourself and your loved ones.

Note: Gifts to Regent College generally benefit Canadian taxpayers, while gifts to Regent College Foundation (RCF) are more likely to benefit American taxpayers. For more information about giving to RCF, see Information for Americans below.

Can I keep my money for now to ensure I have enough to live on?

Absolutely! Many types of legacy gifts (including gifts made through your will or through an insurance policy) remain completely in your control, as no money is actually given away during your lifetime. You can even set up a legacy gift that provides regular income throughout your life (see Gifts that Pay Income).

How do I include Regent in my will?

Including a gift to Regent in your will is usually as simple as adding a couple of sentences that explain your intent. To learn more and download some examples, visit our how-to page.

Do I need a lawyer?

Not necessarily. For example, you can add Regent College to an insurance or pension policy simply by speaking to the policy administrator, and you may be able to have a notary, rather than a lawyer, update your existing will. If you don’t have a will already, you may or may not need a lawyer’s services to create a simple document. In general, though, it's a good idea to consult with a professional when making estate plans. Regent can’t provide specific legal or financial advice, so we always recommend talking to the experts!

Does my gift have to be a certain size?

In most cases, it’s totally up to you. You can make a legacy gift of any size—and a gift of any size will make a real difference.

Certain types of legacy gifts—such as endowed gifts or gifts that must be used in specific ways—may require a minimum contribution because of the administrative expenses involved in ensuring the donor’s wishes are carried out. If you’re thinking about a gift where this might be an issue, we’d be more than happy to discuss that with you.

What is Regent's charitable ID number?

Regent College's CRA charitable registration number is 10788 1039 RR0001.

What if I change my mind later?

Another name for a legacy gift is “planned gift”—and sometimes plans change. For gifts made through your will and most other types of legacy gifts, you’re free to change your mind whenever you want. (In fact, you’re generally encouraged to review and update your will regularly to account for any changes taking place in your life.) You just need to update the relevant documents to implement your new wishes.

Do I need to tell Regent about my plans?

If you’re planning to make a legacy gift to Regent, first, thank you! Second, we’d really appreciate it if you’d be willing to tell us about your plans. We don’t need specifics, and we completely understand that your intentions aren’t set in stone, but having a general sense of the number and type of legacy gifts that are out there really helps Regent plan for its long-term financial future. Plus, if we know you’re planning a legacy gift, we’ll be able to share our appreciation and keep you up to date about how God is working in and through the Regent community. Please be assured, though, that we’ll respect your wishes regarding confidentiality and anonymity. You can learn more and download a Gift Declaration form under Sharing Your Plans.

Can I make a legacy gift from the United States?

Yes! Most aspects of legacy giving are quite similar in the United States and Canada, but American taxpayers may benefit from supporting the Regent community through a legacy gift to Regent College Foundation (RCF), a US-based 501(c)(3) charity (EIN 91-1220704). RCF regularly partners with Regent College to fund the College’s overall mission, as well as specific projects supported by donors, so your gift to RCF will directly benefit the Regent community. But because RCF is an independent charitable organization registered with the Internal Revenue Service, a legacy gift to RCF is eligible for the same tax benefits as a gift to any other US charity.

To learn more, download Sample Language for Your Will – RCF USA (PDF, 147 KB).

Should I give to Regent College or Regent College Foundation?

Generally speaking, Canadian taxpayers benefit from giving to Regent College, and American taxpayers benefit from giving to Regent College Foundation (RCF). Legacy gifts to Regent College and RCF provide the same benefit to Regent's work, mission, and community, so we encourage donors to direct their gifts to whichever recipient makes the most sense for them. If you’re not sure whether to direct your legacy gift to Regent College or RCF, we recommend discussing the possibilities with a financial professional who’s familiar with both American and Canadian tax law in order to determine which arrangements will work best for you.

If the idea of legacy giving has sparked your interest, Regent's Advancement team would love to have a conversation with you. Send us an email or give us a call, and let's talk.

Email: [email protected]

Phone: 1-604-221-3390