There are 5 common myths that typically get in the way of people exercising their Will power:
1. I can’t support both my loved ones and my favourite causes.
Most people can leave a small percentage of their estate to charity and still have enough to support their loved ones. The Will Power Legacy Calculator can help you estimate the effects of a potential gift.
2. I need to be wealthy to make a gift to charity in my Will.
The majority of charitable gifts in Wills are left by Canadians of average means. You may be surprised to find that when all of your assets are realized, you too will have the means to support both your loved ones and your favourite causes.
3. Leaving a gift in a Will is complicated.
Leaving a gift to charity in your estate can be as easy as adding a clause to your Will. Notify your lawyer, and they can take care of adding it in. In fact, there is an online intention form that will help you get the process started quickly.
4. I’ve already written my Will and there is no going back.
The truth is you can amend your Will at any time. Adding a gift is as simple as letting your intentions be known to those who drafted your documents in the first place.
5. I will never see the impact of the gift I make in my Will.
For most, you will never be able to make as big a gift while you are alive as you can through your Will (when the value of your estate is realized). Planning your gift now can be a comfort, knowing your loved ones will have a meaningful way to remain connected with you – seeing and experiencing your contribution after you are gone.
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