Wondering about the ins and outs of leaving a legacy gift? Look no further! In this section, we address your burning questions, demystify the world of planned giving, and equip you with the knowledge you need to make a meaningful impact through your charitable giving.
- What are the benefits of leaving a gift in my will?
Leaving a gift in your Will allows you to create a lasting impact and support causes you care about. It provides an opportunity to leave a legacy, potentially reduce taxes on your estate, and support charitable organizations that align with your values.
- Can I make a meaningful legacy gift even if I’m not a millionaire?
Yes! While high-profile donations from wealthy individuals often make headlines, the majority of legacy gifts in Canada come from everyday people who have a desire to support their favourite charities. These individuals may not be millionaires, but their generosity and commitment to making a difference all contribute to giving children a brighter future.
- Can I leave a legacy gift to multiple charities?
Absolutely! You can choose to divide your legacy gift among multiple charitable organizations according to your wishes. It’s essential to specify your intentions clearly in your Will or consult with an estate planning professional to ensure your wishes are accurately reflected.
- Can I change my mind about my legacy gift after it’s included in my will?
Yes, you can modify your will and make changes to your legacy gift at any time while you are still alive and of sound mind. It’s important to review and update your estate plan periodically to ensure your intentions align with your current wishes and circumstances.
- Do I need to inform the charity if I have included them in my will?
While it is not mandatory, it is often recommended to inform the charity if you have included them in your Will. This communication can help the organization plan for the future and express their gratitude for your generosity. Additionally, it provides an opportunity for you to discuss any specific preferences or instructions for your gift.
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By Lu Li