Make a Will Month: Invest in Their Future, Build Your Legacy

November is Make a Will Month, a perfect time to reflect on the importance of having a Will. Most of us are familiar with the idea of passing on our assets to loved ones, but did you know your Will can have a profound impact beyond your immediate heirs? With a simple addition to your Will, you can make a lasting difference in the lives of children around the world by leaving a gift to charity.

In this blog we’ll learn more about:

• why it’s important to have a Will;
• how frequently it needs to be reviewed;
• and why it should include a gift to charity.

 

Why It’s Important to Have a Will

A Will is an important document for anyone over the age of 18 to have, yet more than half of Canadian adults (51%) don’t have one. Without a Will, your estate could be distributed in ways that don’t align with your wishes, leading to unintended consequences for your loved ones, and the causes you care about.

A Will gives you peace of mind, knowing that your assets will be distributed according to your wishes. What’s more, a Will allows you to:

• Appoint a guardian for your children or pets
• Choose an executor to manage your estate
• Make specific bequests to loved ones, ensuring that meaningful items or assets go to those closest to you
• Leave a lasting impact through charitable gifts to organizations like Save the Children

 

Why You Should Review Your Will Every Two Years

 

Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.

— Ferris Bueller

 

Life changes, and so should your Will. Major life events like marriage, the birth of a child, purchasing a home, or the passing of a loved one, make keeping your Will up to date extremely important. Experts recommend reviewing your Will every two years to ensure it reflects your current circumstances and wishes.

For example, maybe you made a Will when your children were little, but now they’re finished university and have careers of their own. With regular reviews, you’ll have the peace of mind knowing your Will is up to date, accurately communicates your wishes and priorities, and your loved ones won’t encounter unintended delays in probate.

 

Why Including a Gift to Charity in Your Will is Important

You might be wondering why you would leave a gift to Save the Children in your Will. Won’t that reduce the value of what you can leave behind to your loved ones? The truth is, when you pass, your estate will likely be subject to a tax bill. However, thanks to a 2006 federal government tax credit, 100% of gifts you leave to charity in your Will can be put towards that tax bill, making it the best way to reduce or even eliminate this cost for your estate and heirs. Plus, it’s a relatively simple, cost-effective, and flexible way to give.

Most of all, by making a gift in your Will to Save the Children, you are investing in the future of children around the world—now and for generations to come—and building your legacy. Charitable bequests allow you to continue supporting causes that matter to you beyond your lifetime. It’s a chance to define your legacy based on your values and aspirations for your family and for a better world.

  

Get Started with a FREE Will Guide Kit Today

Making a Will can feel daunting, but it doesn’t have to be. Save the Children’s Planned Giving Team can help take some of the mystery of it. They can help answer your questions and offer great resources like our FREE Will Guide kit. Request your copy today and learn how you can invest in a brighter future for children and build your legacy.