Leave a Gift in a Will
Your will is a final statement of your values and provides direction for the management and disbursement of your accumulated assets in the event of your death. When you leave a gift to charity in your will, also known as a ‘bequest’, your generosity can be extended beyond your lifetime to leave a lasting legacy to support the causes you care about.
A gift in a will can be a dollar amount, a percentage, a specific asset, or the residual amount of your estate.
Managing a Gift in Your Will
Instead of naming one or more charities in your will, you can name Abundance Canada as the beneficiary. On a separate document from your will, you then recommend to Abundance Canada how much, where and when your gift will be distributed. You may amend your recommendations at any time without having to update your will.
Gift in a Will Example
- Family of four children (children are the sole beneficiaries)
- Estate worth $500,000 with $100,000 in taxable income
|Plan WITHOUT Gift to Charity||Plan WITH Gift to Charity|
|Gift to Charity: $0||Gift to Charity: $100,000|
|Income Tax Payable: $50,000||Income Tax Payable: $0|
|Gift to each child: $112,500||Gift to each child: $100,000|
Benefits of a Gift in a Will
- Flexible Management: Through Abundance Canada your charitable bequest can be managed even after your estate has been finalized.
- Easy to Update: You may recommend the charities you want to support and make changes during your lifetime.
- Simplified Receipting: Your estate will receive a donation receipt for the amount of your gift, thus reducing or eliminating any final taxes owing.
- Distributions Without Restrictions: You can make the distribution without restrictions or Abundance Canada will communicate your restrictions to the recipient charities.
- Anonymous Giving: Your distributions to charity may be made anonymously.
- Simple Process: We can simplify the process for your executor/executrix.
Leaving a bequest is simple. Talk with your family about your wishes, then speak to your lawyer about drafting or revisiting your will.