Estate Planning and Christian Stewardship
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Remember that when you leave this earth, you can take with you nothing that you have received – only what you have given: a full heart enriched by honest service, love, sacrifice and courage.
St. Francis of Assisi
Faithful Stewardship:
Your Life, Your Legacy
As Christians, we are called to steward carefully all that God gives us, especially the precious gift of life itself. The inheritance that we look forward to is the promise of eternal life that we received in baptism. As we await the fulfilment of that promise, we are called to follow the example of Jesus Christ in all our relationships: to love one another as he has loved us. As his disciples, we understand that we are stewards, not owners, of what God has entrusted to us. We receive gifts from God gratefully, nurture them responsibly, and share them generously with others in gratitude to the Lord.
Creating an Estate Plan is truly an act of love. It ensures that those dependent on you will continue to be cared for. It also provides direction about the care of your property and yourself should a time come when you need assistance with either. By making your wishes known for the disposition of your earthly goods, you and your loved ones receive peace of mind. Moreover, you are making a definitive statement about your life, your faith, and the legacy of love you desire to leave as you enter into eternity.
Remembering your parish, the Archdiocese, or any of its ministries and charities in your estate planning is a decision of generosity and faith that will continue the work of God in the world. I am deeply grateful for the gifts we have received from those who have gone before us. You, too, can leave a legacy to our Catholic community, ensuring the Gospel continues to be proclaimed for generations to come.
Thank you for being a thoughtful and careful steward of all that God has entrusted to you. Be assured of my prayers for you and your family.
Sincerely in Christ,
✠ Marcel Damphousse
Archbishop of Ottawa-Cornwall
Investing in Our Catholic Faith
and the Future of the Church
Christ gave us, his disciples, the gift of the Church, through which we have continued His ministry on earth for more than two millennia. Including a gift in your estate for your parish or the Archdiocese is one way that you can help the legacy of those who have gone before us continue for future generations of Catholics.
Preparing Estate Plans
Prayer and reflection on our journey of faith is an important place to start in preparing estate plans. Jesus calls us to live our lives as the salt of the earth and the light of the world (Matthew 5:13-16). How do we continue to share the Gospel message of love beyond our time here on earth? How can we express our thankfulness and gratitude for God’s blessings through our planning?
Creating a Legacy
Many of us spend our lives creating a legacy that we plan to give to our children. We develop our businesses and our careers. We save money and invest for our retirement. We build, maintain, and renovate our homes. We work hard to build a better future for our children and grandchildren. What makes us different as Christians is our commitment to building our spiritual home, the Church. As Catholics, we are called to consider our faith community in our personal and financial planning.
impact The People In Our Community
The Roman Catholic Church in Ottawa-Cornwall, through its parishes and diocesan ministries and charities, has a tremendous impact on the lives of people in our community. It plays an extremely important part in our spiritual development as well as in our social, educational and youth activities. Facing today’s challenges, the Church is transforming the old mould and creating a new one in order to be more active, more evangelistic, and more attractive and open to all – a true center of our community.
Our Children and Future Generations
To fulfill its important role in the community, the Archdiocese of Ottawa-Cornwall requires financial support, both today and in the future. By supporting the Archdiocese and its parishes, ministries, and charities, you can ensure that the active works of the Catholic Church in our region continue and grow both for today’s needs as well as those of our children and future generations.
“Like good stewards of the manifold grace of God, serve one another with whatever gift each of you has received.”
1 Peter 4:10
If you wish to discuss leaving a bequest to the Church or to inform us of your intention to make a gift in your estate plans, please click here or reach out to the Philanthropy Office by phone at 613-738-5025 or by email at dev@ottawacornwall.ca
Legacy Giving
Your estate plans provide you with a final opportunity to proclaim who and what is most important to you. With foresight and planning, your choices can embody your most deeply held values and serve as a tangible expression of gratitude for God’s goodness to you. While there are various ways to support the Church during your lifetime, there are additional methods that you might consider gift after your death. These include:
Bequests
A bequest in a Will to the Church is a deferred gift and an acknowledgment of your returning to God a portion of the gifts He has bestowed on you during your lifetime. Bequests will have a significant and favourable impact on your final tax return.
Cash and Outright Gifts
An outright gift of cash and/or property to the Church entitles the donor to a charitable tax receipt.
Gift of Listed Securities
Gifts of listed securities – including shares, bonds, mutual funds, bills, warrants and futures listed on approved stock exchanges–can be donated to the Church. The donor benefits in two ways:
- The donor receives a tax receipt for the full amount of the value of the security when transferred to the charity.
- The donor does not have to pay any capital gains tax on the gift.
Your bequest may be arranged as one of the following options:
- A percentage of your estate.
- The residue of the estate (an amount from the remainder value after all specific bequests and expenses have been paid out of the estate).
- A specific dollar amount.
You also have the chance to decide how you would like the Church to use the bequest when it is received:
- An unrestricted bequest allows the Church to use your gift where the need is greatest. Unrestricted bequests allow for the broadest possible flexibility.
- A restricted bequest is given with a specific purpose in mind. It may be directed in support of a particular parish, ministry program or project. You may choose to direct a gift to your parish by naming the parish specifically or through a restricted bequest to the Archdiocese of Ottawa-Cornwall.
- Ask your lawyer to include a “power to vary” clause in case the parish or ministry you have chosen is no longer in operation.
- It is important that you include the correct legal name and charitable registration number in your documents.
For more specific information on including a charity as a beneficiary of your estate in your Will, including the Legal Name and charity registration number of the Archdiocese and its parishes, please see the “Making a Will” section (p. 26 of this booklet.)
Life Insurance
Contributions of life insurance policies can be made to the Archdiocese as a gift. This option often makes the gift affordable, will not diminish your estate after death, proceeds are paid promptly to the Church and are not reduced by taxes and probate fees. When you make the archdiocese both the owner and beneficiary of a new or existing policy, the insurance premiums are tax deductible. The cash surrender value of an existing policy can also be given to your parish, the Archdiocese, or your favourite Catholic charity.
Gifts of Retirement Plan Accumulations
Gifts of Registered Retirement Plans (RRSPs, RRIFs) can be made to an archdiocesan charity upon death and assuming the entire contribution can be used, the tax credit could offset the tax payable on the proceeds. Catholics often consider including the Church as a contingent beneficiary in case their spouse or family has predeceased them. You can also request in your Will that the Canada Pension Plan Death Benefit be left to the Church.
If you wish to discuss leaving a bequest to the Church or to inform us of your intention to make a gift in your estate plans, please reach out to the Philanthropy office by phone at 613-738-5025 or by email at dev@ottawacornwall.ca
In addition to the deep satisfaction of supporting a cause and mission that matters to you, there are also significant tax advantages for including charitable contributions in your estate plans. The Stewardship & Philanthropy office has information available to assist you in making a gift that is appropriate and tax effective. We can also connect you to advisors in your community who can provide confidential, no-obligation advice.
We encourage you to share your intention to support the Church with your family and those close to you. Your legacy gift is a witness to them of the importance of faith in your life. Sharing this information will help them honour your wishes and your memory in the future. You can make your charitable intentions known to the Archdiocese by sending an email to dev@ottawacornwall.ca.
Why a Will?
By preparing a Will, you can choose your beneficiaries based on their existing and potential financial needs, as well as their relationship to you. You can establish Trusts and determine at what age your children or beneficiaries will receive their inheritance. You can also make charitable bequests to your parish, the Archdiocese, Catholic organizations, or other charities that are important to you.
Hover over the panels below to learn more about wills.
By preparing a Will, you can choose your beneficiaries based on their existing and potential financial needs, as well as their relationship to you. You can establish Trusts and determine at what age your children or beneficiaries will receive their inheritance. You can also make charitable bequests to your parish, the Archdiocese, Catholic organizations, or other charities that are important to you.
Click the panels below to learn more about wills.
What happens if you do not have a Will?
Who controls your assets without a Will?
What exactly is a Will?
When should you complete your Will?
Making a Legacy Gift
Have you considered that your Will is your last communication to the world? It conveys to your family and others your plan to steward the financial treasures you accumulated in your life and tells them about the values you hold dear. A legacy to the Church expresses your gratitude to God for all He has shared with you in your lifetime. It also ensures that the Church will be there to serve the spiritual needs of your children, grandchildren, and future generations.
Estate Planning Guide For Catholics
The Archdiocese of Ottawa-Cornwall is pleased to provide this Estate Planning Guide to members of the Archdiocese to assist you in bringing together, in one place, an inventory of all things God has entrusted to your stewardship. Not only does it assist by indicating where various documents are located but also who has the authority to deal with your affairs in circumstances such as sickness and death. This guide will help you thoughtfully establish goals and objectives for yourself, your family, and dependants.
After you have completed the guide and have had your legal documents drawn up by a lawyer, you should discuss your wishes expressed through your estate plan with your family. This can help avoid confusion and unanswered questions after your death. Plan to leave a copy of this guide with a trusted advisor or family member, with your Estate Trustee (executor), and with your will. Your Estate Trustee, who is charged with carrying out your last wishes, will find it invaluable since it will eliminate the need for costly and lengthy searches for important details concerning your estate and your wishes.
The Estate Organizer should be updated on a regular basis. In addition, the Power of Attorney for Property as well as the Power of Attorney for Personal Care should be held by the person or persons who may have to act under the provisions contained in the documents.
Please complete the form below to download your personal copy of Estate Planning: A Catholic’s Guide to Faithful Stewardship digital booklet.
