Have you ever pictured your will as a powerful tool for change, and not just a legal document? It’s true – you can support those you love and the causes you care about. It is not an either/or decision. In fact, if more Canadians did so, we could see billions of dollars directed toward better community supports, better health, and creating a better world. It is something to think seriously about.
Will Power is a national public education effort designed to show more Canadians they can make a significant impact on the causes they care about with a gift in their will to charity. Its goal is to raise the level of charitable giving through wills to 8.5 per cent of all Canadians by 2030. Reaching that goal will see everyday Canadians contribute as much as $40B to the causes they care about. According to Will Power, there are five common myths that typically get in the way of people leaving a gift to charity in their will:
1. I can’t support both loved ones and my favourite causes.
A quick calculation can demonstrate that a small percentage of your estate left to charity still leaves plenty to support your loved ones.
2. I need to be wealthy to make a gift to charity in my will.
Most charitable gifts in wills are left by Canadians of average means. You may be surprised to find that when all your assets are realized, you will have a tidy sum for support of both loved ones and your favourite causes. Plus, the tax benefits of giving in this way could mean that you reduce, and in some cases even eliminate, the taxes that will be paid by your estate.
3. Leaving a gift in a will is complicated.
Leaving a gift to charity in your estate can be as easy as adding a clause to your will. Notify your lawyer or notary and they can take care of adding it in. Involve your loved ones in your decision. Make it about celebrating who you are, the values you hold, and the life you lead.
4. I’ve already written my will, and there is no going back.
The truth is you can amend your will at any time. Again, simply let your intentions be known to those who drafted your documents in the first place. If you don’t know who that is, you can find legal professionals to help at willpower.ca
5. I will not see the impact of the gift I make in my will.
If you are like most of us, you will never be able to make as big a gift while you are alive as you can in your will, when the value of your estate is realized. But there are ways you can see the impact of your gift before you are gone. For example, many charities have established legacy societies to help donors get a sense of the impact their future gift will have. This is one way to make your future intentions tangible.
To find out how you can use your will as a powerful tool for change, while still taking care of those you love, visit willpower.ca
