Legacy: The imprint you leave on the future | Ian McKay
According to the Oxford English Dictionary (1) there are many definitions for the word “legacy”, two of which are:
A tangible or intangible thing handed down by a predecessor; a long-lasting effect of an event or process.
And:
A sum of money, or a specified article, given to another by will.
A Bible Society article, “What does the Bible say about legacy?” (2) quotes Brian Dodd, who defines legacy as:
The imprint you leave on the future.
So when we leave a legacy in our will (otherwise known as a bequest) this is a means to an end. It is not in itself an “imprint on the future”, but it can most certainly help others to create that imprint.
Have you made a will? Citizens Advice (3) certainly think you should, for a host of different reasons depending on your circumstances. If nothing else, dying without making a will (intestate) makes life a lot harder for those you leave behind. But much more positively, it can embody the imprint that you want to leave on the future, whether that is caring for loved ones, expressing gratitude, or enabling others to make a difference in the world.
The consumer rights organisation Which (4) also identify potential financial benefits to including gifts to registered charities in your will, as part of estate planning, alongside the more altruistic motivations.
Over the years, St Luke’s has benefited enormously from gifts in wills, most recently a gift of £20,000 a couple of years ago. We don’t budget for legacies, so every sum we receive is an unexpected opportunity. Our policy has been to try and use the gift, or a substantial part of it, for something specific and tangible, ideally something that is aligned with the donor’s interests. In some cases, we have discussed this with the bereaved family, which we’ve found to be a comforting and beneficial process.
If you believe in the local church, that its presence in a community matters, that we need to pass it on to future generations, then maybe this is something for you to consider as part of your imprint on the future. Alongside all the other good things that are important to you.
If so, the Charities Aid Foundation (5) and the Church of England (6) have produced resources that you might find helpful. Or come and talk to me - I can’t give financial advice, but I can answer questions or point you to someone who can.
Sources:
(1) https://www.oed.com/dictionary/legacy_n
(3) https://www.citizensadvice.org.uk/family/death-and-wills/wills/
(5) https://www.cafonline.org/personal-giving/resources/make-a-lasting-impact-with-a-gift-in-your-will