Ewing warns that without a will, the administrator of your will lacks any authority to make a charitable donation from your estate. With no will to specify how you wish to continue your philanthropy, your favourite charities that you have supported throughout your life will not be entitled to receive anything upon your death, even if that may have been your wish.
“By sharing your charitable intentions with your advisors, they may have recommendations about gifting during your lifetime and on death in a way that both reduces your tax bill and maximizes the value of the charitable gift,” says Ewing. “Canada’s charitable donation rules have recently undergone significant changes. It’s more important than ever to seek advice from your professional advisors to make sure your charitable gift is structured appropriately.”
So, if you have no will, but would like to use your assets to give back — like creating a legacy by way of a scholarship fund, or charitable donation — your wishes will not have been recorded anywhere for your estate administrator to follow up on.
One never knows how much time we have. That’s why planning now for the care of children, passing down assets, and creating a legacy is paramount. Creating a will doesn’t have to be expensive or time consuming. “If you don’t already have a will in place, it really is something you should make a priority,” imparts Ewing. “If your affairs are simple and straightforward, the will preparation process will be too. If they’re not, all the more reason to not leave your family members with the burden of sorting out your affairs.”
Ready to start will planning? Request a call from TD Wealth.