Three reasons you should leave a charitable gift in your Will

Making a Will is something most of us drag our feet on. Talking about death feels uncomfortable, let alone making plans around it. In fact, 62% of Canadians are not fully prepared which is why we’d like to start the conversation and offer three reasons you should leave a charitable gift in your Will.

Making a Will, like planning for retirement, is essential. It protects your and your loved ones, and can help you meet your personal goals.

One important consideration is whether to include a gift to a charity in your Will. Now, you might think leaving money to a charity will take away from what you can leave to your loved ones. However, the truth might surprise you.

Here are three reasons why you should leave a gift to Save the Children in your Will:

 

Tax benefits of leaving a gift in your Will

Including a gift to charity in your Will is the best way to eliminate taxes for your estate and heirs. That’s right! In 2006, the Federal Government granted a 100% tax credit for gifts to charity in your Will. It is one of the only ways to reduce taxes owing upon death and at the same time may actually increase inheritances to your loved ones. Many Canadians are not taking advantage of these benefits because they do not know about them.

 

Simple, cost-effective giving

A planned gift in your Will lets you give a charitable gift in the future without affecting your income and savings today. For example, in your Will, you could designate a specific amount, or assets like real estate, stocks, or bonds to a charity of your choosing. Those gifts remain in your possession and under your direction. You can make adjustments to your gift any time, making it one of the most flexible ways to give.

 

Leave a legacy

Your planned gift to Save the Children can help vulnerable children around the world survive, learn, and be protected for years to come. This is an opportunity for you to communicate the values you live by, even after your passing. And it can be an uplifting moment during a difficult for time for your loved ones that inspires them to give back to the world around them. Now that is a true way to leave your legacy.

 

For more information on the benefits of these 3 reasons to leave a charitable gift in your Will and a free and detailed Will Planner and Guide, email us at leavealegacy@savethechildren.ca or call us at 1-800-668-5036 ext. 265. You can also read more about different ways you can give at Save the Children Canada.

 

Note: This information is not intended as legal or financial advice. If you are considering making a planned gift, please speak with an independent legal advisor about your wishes to ensure that they reflect your financial circumstances and giving goals.