Charitable Giving Through Your Will

A Will does more than distribute property. It can also be an opportunity to leave a legacy. For individuals who want to support a charity or cause beyond their lifetime, charitable gifts can be incorporated directly into an estate plan.

The details matter

A properly drafted Will should clearly identify the intended charity and explain how the gift is to be made. Using the charity's full legal name and, where applicable, its charitable registration number helps avoid confusion.

Types of charitable gifts

• A specific dollar amount;
• A percentage or share of the residue of the estate;
• A specific asset, such as securities or property; and
• A gift for a particular purpose or program.

Planning for change

Estate planning can also account for what should happen if the organization later changes its name, merges with another organization, or ceases to exist. A Will can name an alternate charity or give the executor guidance in that situation.

Tax considerations

Charitable gifts made through an estate may generate donation tax credits that can reduce the tax payable by the estate. The rules are technical, so tax and legal advice should be coordinated.

Speak with our team about incorporating philanthropy into your estate plan.