No matter your age, life stage, or financial situation, it’s a good idea to start thinking about will planning. When you make a will, you’re clarifying what you want to happen to your assets after you pass away and who should take care of any minor children or pets. Many people choose to leave a lasting impact through a legacy gift.
Getting started doesn’t have to be intimidating. To take the mystery out of the process, we’re sharing 5 things you may not know about wills and legacy gifts.
1. You can make a will online
Online tools can make drafting a will easier and more affordable, particularly if your estate is simple and you live in a province or territory outside Quebec. Explore the Canadian Cancer Society's (CCS) online will planning partners Willfora and Epilogue, who help make creating or updating a will easier.
2. You can grant access to digital assets in your will
You can plan to grant loved ones access to password banks that store all your passwords, social media and email credentials, cryptocurrency, and online financial accounts like PayPal. This will lessen the amount of follow up they’ll need to do to obtain digital assets that carry sentimental value, like photos and text messages.
3. There are tax advantages to leaving a charitable gift in your will
Charitable donations in your will can reduce your taxable estate, potentially reducing taxes for your beneficiaries. Talk to a financial advisor about what this means for you.
4. You don’t need to have a lot of assets to have a will
Every dollar matters when you choose to make a will or leave a legacy gift. Planning for the future gives you peace of mind and protects your loved ones. If you’re passionate about a cause, it’s worth exploring how you can make an impact.
5. There are two common ways to leave a charitable gift in your will
A legacy gift can be donated in two common ways: a cash gift as a lump sum or a residual gift, which leaves a percentage of the estate to your charity of choice. A cash gift will stay the same over time, while a residual gift can grow in value as the estate grows. Other ways to leave a legacy include donating gifts of securities, life insurance or RRSPs/RRIFs.
For generations, legacy gifts to CCS have been transformational in fueling groundbreaking research and providing essential support programs. At CCS, each legacy gift holds the potential to save lives, not only in Canada but globally.
For more information about planned giving with the Canadian Cancer Society, contact giftplanning@cancer.ca or 1-888-405-7664
This material is intended to provide general information and should not be construed as legal or other advice without first consulting with your legal and/or financial advisor.