A gift in a will, also known as a bequest or legacy, is simply a gift you leave to a charity in your will. It is a popular way to leave a meaningful legacy for future generations. It is an opportunity to make a donation to a charity if you have not been able to during your lifetime.
Your donation to PAWS:
Your will can be a powerful tool to create change in your community. Leaving a charitable gift in your will allows you to make an legacy contribution to a cause(s) you care about, while still taking care of loved ones.
Planning a gift in your will is easier than you think.
1. Think about what you want to achieve. Why do you want to leave a gift in your will? What kind of impact do you want to have? What types of charities would you like to support?
2.Keep it simple and don’t spread it around too broadly. If you can choose one (or a few) charities, you’ll make a real difference. Even 1% of your estate left to charity can make an impact while still leaving the majority for family and friends.
3.What would you like the approximate size of your donation to be? Estimate the value of your estate, how much you would like to leave to charity, and how much you would like to leave for loved ones.
4.Explore the different ways to leave a gift in your estate. Your estate is likely to receive a significant tax bill when you pass. Choosing to make a charitable gift in your will results in a donation receipt that can significantly reduce taxes owed, leaving more for the people and causes you love. Work with a financial advisor to discuss which of your estate’s assets might be most efficient to give.
5.Reach out to your chosen charity to discuss options to use your legacy in specific ways. Would you like your donation to be invested in an endowment fund or in a specific project? Maybe you’d like your gift to commemorate someone? Now is the time to set up a gift that achieves something personally meaningfully for you.
If you already have a Will ask your legal advisor about the simple process of adding a codicil.
Your Gift to PAWS will make a lasting difference for pets and people.
Progressive Animal Welfare Services (PAWS) has applied to partner with Will Power in 2024. Over 500 charities, financial advisors and lawyers from across Canada have come together to educate Canadians on the importance of having a legal will and how they can leave a legacy to a cause they care about and provide for the ones they love.