Frequently Asked Questions
Why consider a legacy gift?
A legacy gift to CANFRO will help ensure that its work to improve the lives of low-income children and youth in Oaxaca can endure. Your gift can be unrestricted and available for use where the Board of Directors feels it is most needed. It can also be restricted to benefit a particular project. The gift does not have to be large. Any amount can make a notable and lasting difference.
How is a legacy gift made?
You can also make a legacy gift by naming CANFRO the beneficiary of an insurance policy, a financial account, or a pension fund. This process can also be useful in avoiding the delays and fees of probate. Designating a beneficiary for an insurance policy, financial account or pension fund is quite simple. You only need to contact your insurer, financial account manager or pension fund manager.
Further, you can make a legacy gift through a living trust, one that you establish while you are alive rather than through your will upon your death. A living trust can be useful in avoiding the delays and fees associated with probating a will. However, creating one can be a complex process, and counsel is likely essential.
What will happen with my legacy gift?
Once we receive notice of a legacy gift, we will work with you, your counsel or your executor—depending upon the nature and timing of the gift—to respect your wishes. We suggest that, if you are considering a gift to benefit a particular CANFRO project, you consider including wording that would give the CANFRO Board of Directors some flexibility in the use of the funds should circumstances change with your preferred project. See Sample Bequest Wording for suggested phrasing below.
Should I tell CANFRO I am making a legacy gift?
There is no requirement that you do so. However, we would appreciate hearing from you so that we have an opportunity to express our thanks, learn what you value most in CANFRO´s work, and inquire how best to acknowledge your support. You can choose what you wish to disclose and we will honour your wishes respecting confidentiality. Similarly, if circumstances change and you wish to amend or cancel a gift, we would appreciate hearing from you about that as well, so that we can plan accordingly. We are grateful for any gift—and we fully understand that estate planning needs can vary over time.
If you are interested in making a legacy gift and would like to discuss your wishes with us, please contact CANFRO’s president: firstname.lastname@example.org
Are there any special costs related to legacy giving?
What sort of legacy gift can I make in my will?
You can leave a specific dollar amount to CANFRO in your will. You can also leave specific assets such as personal property, real property, securities, or the proceeds of a life insurance policy payable to CANFRO as the named beneficiary.
From CANFRO’s perspective, gifts of personal property are most easily and efficiently used if you direct the executor of your will to sell the property and provide the proceeds of sale to CANFRO. Gifts of real property must be made in this way. You can also direct your executor to contact CANFRO to discuss whether a gift of personal property can be used without sale.
2. Residual Gift
You can leave the residue of your estate or a percentage of it to CANFRO in your will. The value of your gift will be calculated once all estate expenses are paid and other designated gifts are paid.
You can also leave the residue of a pension fund, other financial account or insurance policy. The value of your gift will be calculated once the portions assigned to other specific beneficiaries are paid.
3. Contingent Gift
You can make CANFRO a beneficiary of your estate if designated beneficiaries do not survive you.
What sort of language should I use to make a legacy gift?
You may find the following suggestions helpful when you are creating a legacy gift in your will:
For a Specific Amount or Asset
I give to Canadian Friends of Oaxaca Inc. (Canadian Registered Charity #829434281RR0001), located at 341 Townsend Road, Stirling, Ontario, K0K3E0, the sum of $ ____ (or an accurate description of the asset being given) for its general charitable purposes (or specify a particular CANFRO project).
If you choose to support a particular CANFRO project, it may be helpful to include a clause similar to the following one, so that your gift can continue to be of use to CANFRO if conditions affecting the project change.
If at some future time the CANFRO Board of Directors decides that it is no longer possible to use my gift for the purposes specified, the Board has the right to apply the gift for purposes they deem most appropriate in the circumstances.
For a Residual Gift
I give to Canadian Friends of Oaxaca Inc. (Canadian Registered Charity #829434281RR0001), located at 341 Townsend Road, Stirling, Ontario, K0K3E0, for its general charitable purposes (or specify a particular CANFRO project) all (or ___%) of the residue of my estate (or retirement plan, financial account or insurance policy) once expenses are paid and other specific gifts have been satisfied.
For a Contingent Gift
In the event that any of my named beneficiaries dies before me, I give to Canadian Friends of Oaxaca Inc. (Canadian Registered Charity #829434281RR0001), located at 341 Townsend Road, Stirling, Ontario, K0K3E0, for its general charitable purposes (or specify a particular CANFRO project)
Thank you for considering a legacy gift to CANFRO.
Your generosity will benefit young Oaxacans and offer them a better future.