Making a will and planning your estate

by Laura Rumble, Director, Estate Giving

That was the question that led me to sit down and make my will. At the time, I had three small children. For me, the answer was clear: I want to help create a healthier world for my kids – and generations to come.

As part of TeamUHN, I’ve seen how gifts in wills transform health care here and around the globe. Decades of planned giving have driven the research and discoveries behind the world-class care my family receives today. That’s why it felt right to include UHN Foundation in my own estate planning.

Estate planning sounds more daunting than it is! At its heart, it’s simply deciding what you’d like to happen to the things you’ve worked for – your money, property and possessions – after you pass away. And the cornerstone of any estate plan is your will: the legal document that puts those wishes into writing. Not only is a will a way to provide for the people you love, it’s also a reflection of your values.

Still, creating a will is a task many of us put off. It’s easy to feel overwhelmed or to not know where to start. That’s where my team and I can help.

Maybe you’ve always assumed leaving a gift in a will is just for the very wealthy. In fact, nearly 3 million Canadians alive today have made the decision to include a charitable gift in their will. They aren’t well-known philanthropists whose names are on hospital wings. Most of them are people with modest assets who want to extend their impact beyond their lifetime.

Sometimes I’m asked if it’s better to give now or to wait. The wonderful thing about a gift in your will is that you don’t have to choose between the two. You can keep supporting the causes you love today and still plan a meaningful gift for the future. In fact, many people – including those on fixed incomes – are surprised to find they can give more through their estate than they ever could in their day-to-day lives.

A gift in your will is one of the most popular ways to make a future impact on your community for good reason: it lets you support causes that are important to you without touching the income you rely on today. And because you decide exactly how your estate is shared, you can take care of the people you love first and then consider distributing the remainder to charity.

Directing your assets this way also has the bonus of a financial benefit for you. Your final tax return often results in a large tax bill. A gift in your will reduces the amount of tax owing on your estate, leaving as much money as possible for your loved ones.

Take a moment to think about the people and causes most important to you. It can be helpful to make a list as a starting point for conversations with your loved ones. They may even be inspired to join you as you explore organizations you’d like to support.

It’s important to speak with a lawyer or estate planning professional as you begin creating your will. They can work with you to properly document your wishes, maximize your tax savings and help you develop a legacy plan that gives you peace of mind. You can also use a simple, cost-effective online will creation service such as Epilogue. And it’s easy to make changes – a will is something you can return to and update as your life evolves.

I was struck by what a deeply personal experience it was to create my will. I had to make some big decisions, for sure. But putting my wishes in writing lifted a huge weight and replaced it with what I can only describe as peaceful clarity.

I understand that estate planning is a big decision for you, too. My team and I are here to connect you with straightforward answers and helpful resources like our free Will Planning Guide, which you can download below.

If you’re considering including a gift to UHN in your will or would like more information on estate planning in general, we’d be happy to help. Please feel free to reach out any time. You can reach me at [email protected].