Legacy giving or leaving a gift in your will can seem complicated, but at its core, it’s one of the easiest and most powerful ways you can make an impact. Donors support groundbreaking research and discoveries in patient care – and allow UHN to continue to build a healthier world.
It’s never too early or late to start thinking about how you can leave the world a better place for generations to come. Here are six things you may not know about leaving a gift in your will.
Leaving a bequest in your will is simple and accessible to everyone. After taking care of your family and loved ones, you can choose to give any residual amount to your favourite charity. Modifications to the gift in your will can be made at any time, your income today is not affected and there are numerous ways you can leave your legacy. Choose to give a specific amount, stocks, securities, a percentage of your estate, or even name a charity as a beneficiary of your RRSP/RRIF or a new or existing life insurance policy.
Here is an example of easy sample wording you can include in your will.
There are tax benefits
Tax benefits have made leaving a gift in your will a popular and financially savvy way to give. These benefits are also a powerful way to ensure your legacy makes an impact. Your estate will be issued a tax receipt for 100% of the amount of the bequest in your will, resulting in a tax credit on your estate’s final income tax return, not to mention the additional tax benefit for appreciated securities – something that can help maximize the value of your estate for your loved ones.
Will writing has gone virtual
Setting up or modifying your will doesn’t have to be labour-intensive or complicated, particularly during these trying times. You can create your will online or schedule a virtual meeting with a lawyer from the comfort of your home.
UHN Foundation has also partnered with the Canadian Free Wills Network to offer donors over the age of 55 the opportunity to create a free will* with no obligation to include a gift to UHN Foundation in your will. Virtual wills are also an option for this program.
*The network service pays for simple wills as defined by the drafting lawyer. If additional services beyond a simple will are required, you will be billed by the lawyer directly with prior mutual consent.
We’re here to help guide you
UHN Foundation has a dedicated team ready to help guide you through, and maximize, your Estate Giving options. We are always happy to speak with you and answer any questions.
Additionally, you can learn how to minimize or even eliminate taxes on your estate and learn the five actions you can take to protect yourself, your family and your estate in our upcoming income tax reduction & estate tax seminar on June 16, 2021. Registration is free but spots are limited. Sign up here.
Peace of mind
Be at peace knowing that long into the future, your gift will be making the world a healthier place for generations to come. A gift in your will allows UHN to accelerate discoveries and continue to provide life-saving treatment to patients. You can also take comfort in the fact that your affairs are in order, giving additional peace to your loved ones.
When you leave a gift to UHN Foundation you can also become a member of our Legacy for Life Society. Benefits include invitations to special tours, events and lectures along with listing on our Legacy for Life Donor Walls, invitation to our Annual Members Luncheon and more.
Watch the video playlist below to hear more from patients and donors.
You can always change your mind
One great perk about giving a gift in your will is that it can be modified to fit your changing financial and family situation. Life can be complicated and personal circumstances change. Most Canadians create and then update their will several times during their lifetime. You can revise your will as many times as you like and only your most recent will is valid.
Please remember it is important to consult your lawyer and/or financial advisor to ensure your wishes are properly documented. Learn more about how you can create your legacy with a gift in your will.
Sign up for our upcoming free tax seminar to learn how you can reduce your income tax and estate tax during these uncertain times. Register now.