Leave a Gift in Your Will

A Will is all of these things. It is a legal document that ensures your affairs are in order. But it is also a way to pass down values to future generations and make a meaningful contribution in this world. This is what we call an ethical Will.

Beneficiaries don't just have to be people or pets. You can include a charity, a non-profit, a school, or another type of organization in your Will.

Most people who include a charity in their Will are of average means. Over 3M ordinary Canadians have now created an ethical Will (many are under 50).

There's room to support both your cause and your loved ones in your Will. Even 1% of your estate can be a significant contribution to your cause, and you can still leave enough to support your family.

When you pass, your estate is likely to receive a sizeable tax bill. When you leave a donation in your Will, you get a charitable tax receipt that can significantly reduce those taxes. There are even ways to structure your gift so you can eliminate taxes altogether.

The average gift in a Will, left by ordinary Canadians, is $35,000. How is this possible? Think of your estate - your home, your savings, etc. That can be a tidy sum. Leaving even 1% of your estate for your cause can be a major donation. When else would you be able to make such a big impact?

It is a good idea to involve family if you can. That way there won't be any surprises. It doesn't have to be uncomfortable. Involving family in your plans can lead to motivating conversations about life and purpose, and even inspire a family legacy that future generations can rally around.

It is important to speak to your charity when including them in your Will. A charity professional will help you direct your gift to meet future needs and can show you how it will have impact.

Professionals recommend you review your Will every 5 years. Things may have changed in your life. If those changes are small, your legal advisor can simply update a clause in your Will. If the changes are big, you may have to re-do it.

Most people only think of speaking to a lawyer when making their Will, or a notary if they live in Quebec or BC. But you might be missing out on the estate planning if you don't also speak with a financial advisor or accountant.