Leaving the work to WRCF
When her mother passed away in 2020, Stephanie Scandrett started to seriously think about leaving behind a legacy. After speaking with her financial advisor, and after much research, she chose to partner with Waterloo Region Community Foundation (WRCF).
Stephanie, who originally considered setting up her own foundation, instead established two funds that are being managed by WRCF: one in memory of her family, The Scandrett Family Community Fund, and one in memory of her mother, Saralie Ann Scandrett Memorial Fund. She made the decision to open both funds now so she could actively participate in granting to the community. Those funds will also receive distributions through her Will as legacy gifts.
“I talked to my financial advisor about the concepts of a personal foundation, and what that means. And I realized there is a lot of management involved,” says Stephanie. “The advantage of a community foundation is that they manage all of that admin. It’s a much easier process.”
“It’s also a lot more fun,” says Stephanie. Instead of focusing on the administration of the funds, which is managed by WRCF, she can focus on researching and selecting organizations that best reflect the interests of her and her family.
“When I pass away, it will be very clear to WRCF how I want those funds to be distributed every year,” she says. “The proceeds will go to charities that have personal meaning to our family.”
The charities included reflect the interests of her parents — including a focus on organizations supporting music, education and children. Her brother, who lives out West, is also able to participate and select charities that matter to him. “It’s very flexible,” Stephanie says.
Even though Stephanie has no children, she strongly advises others to involve their kids in philanthropy early on, just as her parents did.
“Part of the role of being fortunate is supporting others who are less fortunate.”
Stephanie, who recently retired after a long and successful career at Toyota, has been supporting Waterloo Region for decades as an active volunteer. She’s served on a variety of boards and committees, and strongly believes in supporting the community now while she’s still alive, and, continuing with this fund after she’s gone.
“I was born here, so I’m happy to support its future,” she says. “And I like the idea of contributions from an endowment going on forever.”
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.