Why You Should Leave a Charitable Gift In Your Will
By Will Power |
Like most Canadians, you’ve probably spent a lifetime contributing to a cause that’s close to your heart. Now imagine making a bigger contribution than you ever thought possible, without using any of the money you need during your lifetime, or significantly taking away from your loved ones. You can have the best of both worlds with a charitable gift in your Will.
Consider an average estate of $845k. You probably want to leave the majority of your estate to your loved ones. But what if you left a small portion of your estate – 5% of it – to your charity of choice? That small percentage translates to a $42,000 donation, a bigger impact than most of us would ever be able to make during our lifetime. Imagine what could be accomplished with a donation that size! See what kind of impact you can make using our legacy calculator.
It’s also important to consider that a charitable gift in your Will can go a long way towards reducing the amount of taxes to be levied against your estate after you pass. You can read about some of the tax advantages of giving through your Will here.
The truth is, you could be using your Will to do a lot more. You can take care of your family while making a big difference for the causes you care about.
We all want to help those around us and leave the world a better place. Leaving a charitable gift in a Will is another way to make your mark.