Current data shows that more than 50% of Canadians do not have a will. Without this personal document, getting our last wishes completed cannot be guaranteed.
A will also gives you an important opportunity to make an impact on future generations. It is a simple but impactful way, for example, to give to the charity of your choice, or leave a legacy to a cause that you are passionate about. Perhaps you want to help with leading medical care for sick children, contribute to cancer research, or support your local animal shelter? Including a charity in your will is a greater gift than you ever thought possible.
Leaving a gift of this kind is a fairly simple process. Speak to your lawyer about drafting or revising your will to include the appropriate wording. Sample wording might be: "My estate trustees shall pay the sum of $ or % of residue of my estate (or transfer assets with an equal value) to my charity of choice".
And for you, there are benefits as well. These include: the satisfaction of providing a future gift while retaining control of your assets during your lifetime; a charitable tax receipt to your estate; a reduction or elimination of estate taxes through careful planning; an opportunity to honour or memorialize yourself or a loved one; and, most importantly, knowing that you are helping to improve the lives of others.
