Inspired to leave a legacy for a stronger community
It was during Karen Coviello’s time as a councillor for the City of Waterloo that she started to think about leaving a legacy behind in her Will.
“I really saw the role that individuals can play in creating a healthy, stronger community,” says Coviello, who served as a city councillor from 2006-2014. “I take that responsibility really seriously.”
With that in mind, she chose to set up the Coviello Family Fund with Waterloo Region Community Foundation (WRCF). Through a gift in her Will, grants from this fund will be focused in the areas of equity and inclusion.
“If you have the opportunity to look closely at our community, you see the gaps. And those gaps are growing,” says Coviello, Vice President of Affiliate Success, Habitat for Humanity Canada. “I feel really strongly in contributing to a more equitable community.”
There are a variety of types of funds that can be created with WRCF. The Coviello Family Fund is a Field of Interest Fund, which means WRCF makes grants on your behalf, based on the community issue that you have designated.
“I’ve always been impressed with the work that WRCF has done around affordable housing and equity,” says Coviello. “It has demonstrated to me that they see the gaps, and that they will make those investments wisely on my behalf.”
She also loves the flexibility of being able to change the focus of the fund without a lot of work. It doesn’t require any changes to her Will — she just needs to contact WRCF to update the focus. And there is no charge for that.
“When I first created my fund, we were not having the equity conversations that we’re having now. And I found it really powerful to be able to reframe my priorities to meet the needs of the community.”
A mother of two children aged 26 and 29, Coviello says her kids have benefitted from many good things in this community. And that while they will receive an inheritance, she feels it is important to contribute to others as well.
“I’ve found a balance within my Will to pass on my good fortune to my children in a meaningful way, but also to support this community that has supported us in a meaningful way.”
As for others who might be considering including a legacy in their Will, Coviello, who is also the Board Chair of the Waterloo Public Library and has volunteered with other community organizations, says she thinks we need to talk about these things more as a society. She hopes her donation will inspire future giving.
“I hope that my kids and their kids will be proud of the work our family has done, and use it as a springboard to do more.”
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.