Leaving a legacy to a community they love
High-school sweethearts Mary Lou and Milne Oakes have spent almost their entire lives in Waterloo Region, and one day they will pass on a legacy to the community they love through a donation in their Will to Waterloo Region Community Foundation (WRCF).
“We’ve both been here since age 5, and now we’re 73 – so we believe it’s important to pay back our community,” says Milne. “And WRCF is a good vehicle, because the money lives forever.”
The Oakes are donating $250,000 in their Will to WRCF’s Community Fund. The Community Fund is a permanent endowment comprised of unrestricted dollars, which means that WRCF is able to be flexible in supporting the most pressing needs in our community — now and in the future. Decisions on how the funding is distributed are driven by a diverse volunteer committee comprised of local residents who review grant applications and make recommendations.
“It is the fund that gives money to the greatest needs across Waterloo Region,” says Mary Lou. “WRCF has a finger on the pulse of the community and understands the issues of the day. We don’t have any concerns with how our money will be used when we are gone.”
Mary Lou and Milne first started thinking about donating to WRCF 20 years ago, soon after then WRCF CEO Rosemary Smith took the helm. Rosemary and Mary Lou used to work together, and stayed in touch over the years.
For Milne, an avid volunteer and former school principal, he had an “aha” moment during a lunch he and Mary Lou had with Rosemary. “I didn’t know much about WRCF back then, and at that lunch I learned more about this organization, which benefits the community, and where we can leave an estate that will live on forever,” he said. “That’s what sold me on it.”
Mary Lou and Milne don’t have children, but if they did, they said that they would still leave a legacy through WRCF. In fact, when the Oakes inherited money from their parents, they used it to set up a private foundation that they draw on regularly to support charitable organizations in Waterloo Region and beyond. “We have more than enough money to live a comfortable life,” says Milne. “But there are so many people who are not nearly as well of as we are; the need is great.”
How to set up a bequest
The process for setting up a bequest is very straightforward. WRCF works with you to set up the fund agreement, which references that the fund will become active via a gift from the Will. Then, in your Will, you list WRCF as receiving a bequest. Fundholders can choose from a variety of types of funds. When WRCF receives the money via the estate, the fund becomes operational.
It’s important to note that future Fundholders can update their fund agreements with WRCF as many times as they’d like in their lifetime (at no cost). Regardless of any changes to the fund agreement, there is no need to subsequently update their Wills, as the Will just indicates that the bequest will be sent to WRCF; it is the fund agreement with WRCF that dictates what happens when the donation from the estate is received.
For more information about setting up a bequest and to ensure that you have the proper wording for your Will, contact Dan Robert at dan@wrcf.ca or 519-725-1806 x 205.
Note: This story was written prior to Cambridge & North Dumfries Community Foundation and Kitchener Waterloo Community Foundation unifying to become Waterloo Region Community Foundation. Although the story was created by KWCF, we have updated the organization name to WRCF throughout the story.