GIFT IN A WILL
Your will is your final statement of values. Up-to-date wills help to ensure that your family will be provided for and your favourite charities will be supported. Your gift in a will can be a specific amount, a percentage, a specific asset, or the residual amount of your estate.
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 your gift will be distributed, to what charities and over what period of time. You may amend your recommendations at any time without having to update your will.
Using Abundance Canada to facilitate your charitable gifts in your will simplifies the process for your executor.
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 Gift in a Will
- Through Abundance Canada your estate gift can be managed even after your estate has been finalized.
- You may recommend the charities you want to support and make changes during your lifetime.
- Your estate will receive a donation receipt for the amount of your gift, thus reducing or eliminating final taxes.
- You can make the distribution without restrictions or Abundance Canada will communicate your restrictions to the recipient charities.
- Your distributions to charity may be made anonymously.
Leaving a gift in your will is simple. Talk with your family about your wishes, then speak to your lawyer about drafting or revisiting your will.
If you have any questions, please contact Abundance Canada at 1.800.772.3257 or connect with us.
Free Resources to Download
Abundance Canada is a public foundation registered with the Canada Revenue Agency (CRA). Abundance Canada is authorized to receive charitable donations, issue official donation receipts and distribute funds to registered charities in Canada through a donor-advised model we administer.
Charity Registration No: 12925-3308-RR0001.