Opinion
Opinion
Leaving a Legacy for Future Generations
John Doe
November 30, 2023
Legacy giving is a powerful way to inspire and enable future generations to create a better Singapore. By including a donation to charity in your financial and estate plans, you can ensure that the causes and communities you cherish continue to thrive. A recent survey showed that more than 60% of respondents would leave a legacy gift to help others in the community, but only 20% of respondents knew how to make a legacy gift. We hope this article helps demystify legacy giving.
What can you give?
As part of planning a legacy gift, you could choose to give:
- Cash via a will
- Non-cash assets such as marketable securities (publicly traded shares, bonds and unit trusts) via a will
- Portion of CPF monies via CPF nomination
- Portion of the insurance payout via insurance policy nomination
Who can you give to?
Whether you have a diverse range of charitable interests or a particular cause in mind, you can leave your legacy gift to The Community Foundation of Singapore (CFS). CFS’s grantmaking expertise and exemplary governance standards ensure that your legacy gift will be in safe hands, enabling you to make a difference just as you have planned. Alternatively, you could also leave your legacy to a specific charity of your choice.
How do you plan an estate gift to CFS?
To leave a legacy gift from your estate to CFS, you could specify the gift in your will, or nominate CFS as a beneficiary of your CPF monies or insurance policy. Dr Ang Beng Ti and Dr Audrey Looi plan to leave their legacy gift to CFS in their wills, in order to set up an endowment fund that will support the charity iC2 PrepHouse well beyond their lifetimes. You can read their inspiring story on our website or watch their story on YouTube.
What is a memorial fund?
A memorial fund is a fund that is named after a loved one to commemorate them and continue supporting causes close to their heart. Dr Lim Boon Tiong’s daughters understood how passionate their father was about urological cancer research, palliative care and eldercare, so they established a donor-advised fund in his name with CFS using a bequest from his will. Read about how CFS helped the sisters to carry on their father’s legacy.
Is it possible to start making an impact now and still leave a legacy gift later?
Yes. CFS makes it easy for you to give both now and later. You can establish a donor-advised fund to start your philanthropic journey now. Once your fund is started, it is simple to make supplementary gifts over time directly or through a will or nomination. David Lim is an example of a passionate philanthropist who plans to do just that.
Legacy giving is a way for everyone to leave a Greater Gift that will benefit generations to come. Learn more about legacy giving and read more stories about people who have chosen to make a Greater Gift at https://legacygiving.sg/
- Related Topics For You​: DONOR STORIES, DONOR-ADVISED FUND, OPINION
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