A Small Thing You Do Now Could Be the Start of Something Big
Leaving a charitable gift in your will can seem complicated, but here are 6 reasons why it’s one of the easiest and most powerful ways you can make an impact.
What will your legacy be?
It’s never too early or late to start thinking about how you can leave the world a better place.
For decades, gifts in wills to University Health Network (UHN) have supported medical breakthroughs that have transformed health care here and around the globe.
Want to learn more? To offer some guidance, the estate giving experts at UHN Foundation have compiled a list of six things you may not know about leaving a gift in your will.
1) It’s simple!
Leaving a gift in your will is simple and accessible to everyone. After taking care of your family and loved ones, you can choose to give any residual amount to your favourite charity without affecting your current income. You can also gift stocks, securities, a percentage of your estate, or even name a charity as a beneficiary of an RRSP/RRIF or life insurance policy.
2) There are tax benefits.
Tax benefits have made leaving a gift in your will a popular and financially savvy way to give. These benefits are also a powerful way to ensure your legacy makes an impact. Your estate will be issued a tax receipt for 100% of the amount of the bequest in your will, resulting in a tax credit on your estate’s final income tax return, not to mention the additional tax benefit for appreciated securities – something that can help maximize the value of your estate for your loved ones.
3) It can be done from home.
Setting up or modifying your will doesn’t have to be labour intensive. You can create your will online or schedule a virtual meeting with a lawyer from the comfort of your home.
4) We’re here to help!
UHN Foundation has a dedicated team ready to help guide you and maximize your estate giving options. We are always happy to speak with you and answer any questions. Additionally, you can attend one of our regular tax reduction and estate tax seminars to learn how to minimize or even eliminate taxes on your estate and learn the five actions you can take to protect yourself, your family and your estate. Visit UHNfoundation.ca/mylegacy or contact us to learn more.
5) You can always change your mind.
One great perk about giving a gift in your will is that it can be modified to fit your changing financial and family situation. Life can be complicated and personal circumstances change. Most Canadians create and then update their will several times during their lifetime. You can revise your will as many times as you like and only your most recent will is valid.
6) Have peace of mind.
Feel good knowing that long into the future, your gift will be making the world a healthier place for generations to come. You can also take comfort in the fact that your affairs are in order, giving additional peace to your loved ones.
A gift in your will could be your legacy.
A gift in your will provides UHN with future funding – allowing us to accelerate discoveries and provide patients with the world-class care they need and deserve. With a gift in your will to UHN Foundation, your legacy will help us build a healthier world.
Learn more at UHNfoundation.ca/mylegacy.