Most people don’t know the power and potential of their Will. Take this quick quiz to find out what your Will can do.
1. A Will is a document that:
Answer: All of the above
A Will is all of these things. It is a legal document that makes sure your affairs are in order. But it is also a way to pass down values to future generations and make a meaningful contribution in this world. This is what we call an ethical Will.
2. You can include a charity, or any other organization as beneficiaries in your Will.
Answer: True
Beneficiaries don't just have to be people. You can include a charity, a non-profit, a school, or another type of organization in your Will.
3. People who include a charity in their Will are typically:
Answer: People of average means
Most people who include a charity in their Will are of average means. In fact, over 3 million ordinary Canadians have now created an ethical Will (many are under 50).
4. When you support a cause in your Will, you are taking away from your ability to support your loved ones.
Answer: False
There's room to support both your cause and your loved ones in your Will. Even 1% of your estate can be a significant contribution to your cause, and you still leave enough to support family.
5. Leaving a donation in your Will can reduce, or even eliminate the taxes paid by your estate.
Answer: True
When you pass, your estate is likely to receive a sizeable income tax bill. When you leave a donation to charity in your Will, you will get a charitable tax receipt that can significantly reduce those taxes. There are even ways to structure your gift so you can eliminate taxes altogether.
6. It is recommended that you involve your family when making your Will.
Answer: True
It is a good idea to involve family if you can. That way there won’t be any surprises. It doesn’t have to be uncomfortable. Involving family in your plans can lead to motivating conversations about life and purpose, and even inspire a family legacy that future generations can rally around.
7. When you leave a gift to charity in your Will, you don't know how it will be used.
Answer: False
It is important to speak to your charity when including them in your Will. For example, gifts to The Princess Margaret Cancer Foundation can be designated to many specific uses, like cancer research or education. You are welcome to call Genane Peniak at 416-660-1276 for a confidential conversation about how to word your Will so your gift is received and used in the way you want it to be. Genane can also tell you about our special recognition for legacy gift promisers.
8. It's hard to change or amend your Will once it has been finalized.
Answer: False
Professionals recommend a review of your Will every 5 years. Things may have changed in your life. If those changes are small, your legal advisor can simply update a clause in your Will. If the changes are big, your Will may have to be re-done.
9. The following professionals can help you with your Will:
Answer: All of the Above
Most people only think of speaking to a lawyer when making their Will, or a notary if they live in Quebec or BC. But you might be missing out on estate planning tax reduction strategies if you don’t also speak with a financial advisor or accountant.
Thank you for taking the quiz. We hope you've discovered how much more you can do with your Will.
