5 Common Myths that Get in the Way of Your Will Power
By Will Power |
Your Will can be a powerful tool for creating change in the world. By leaving a gift to charity in your Will you can have a much bigger impact than you ever imagined. In fact, a gift in a Will can turn that ordinary Canadian into an extraordinary philanthropist! Unfortunately, only 5% of Canadians take this step. Why? There are 5 common myths that typically get in the way of people exercising their Will power.
1. I can’t support both loved ones and my favourite causes.
Most people choose to leave everything they have to their family and loved ones. On the surface, it makes sense. However, a careful calculation can demonstrate that a small percentage of your estate left to charity still leaves enough for you to support your loved ones. You can see for yourself using our Legacy Calculator.
The reality is that your estate will be taxed, and quite significantly. Choosing to support charities that you respect can reduce, and in some cases, even eliminate the taxes to be paid. An advisor can help make sense of this for your particular situation, and you can find an estate advisor here.
2. I need to be wealthy with a big estate to make a gift to charity in my Will.
The majority of charitable gifts in Wills are left by Canadians of average means. You may be surprised to find that when all of your assets are realized, you too will have a tidy sum for support of both loved ones and your favourite causes.
If only 3.5% more ordinary Canadians included a gift in their Will in the coming decade, we estimate that this would result in $40 billion dollars being directed to charitable causes. No matter the size of your estate, you can be a part of this impressive movement for change.
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, and they can take care of adding it in. In fact, there is an online intention form that will get the process started quickly.
We encourage you to involve your loved ones in your decision. Make it about celebrating who you are, the values you hold, and the life you lead. We have some tips to make this a positive experience for everyone.
4. I’ve already written my Will and there is no going back.
The truth is you can amend your Will at any time. Adding a gift is as simple as letting your intentions be known to those who drafted your documents in the first place. If you don’t know who that is, you can use our Find a Lawyer section. It is as simple as that.
5. I will never see the impact of the gift I make in my Will.
It can be discouraging to think that you will not be around to see the impact of the gift you leave in your Will. You would rather do what you can now. Absolutely. However, for most, you will never be able to make as big a gift while you are alive as you can through your Will (when the value of your estate is realized). So, here are three ways you can see the impact your future gift will have — before you are gone.
- Many donors give smaller gifts to the causes they love when they’re alive. They become engaged with the charity or cause now, so they get a feel for what the impact of their future gift will be – when they are able to give a much larger gift from their estate.
- Many charities have established legacy societies to help donors get a sense of the impact their future gift will have. By letting the charities you’ve included in your Will know that you’ve done so, you will become a part of these groups that exist to show you the difference you will be making.
- Finally, a gift in a Will can help your family feel part of the impact you are making, as many charities involve the family in the implementation of the gift. Planning your gift now can be a comfort, knowing your loved ones will have a meaningful way to remain connected with you – seeing and experiencing your contribution after you are gone.