Why Your Will is a Priority

If you don’t already have a Will, you’re not alone. More than half of all Canadians don’t have a Will and millions more need to update these important documents. Charles Morison, a lawyer and senior partner at Creighton Law LLP, shares why Wills should be a priority when planning for the future.

Why is it important to have a Will?

Wills ensure you, rather than the government, decide on the distribution of your assets after you pass away. Anyone with property and assets should have a Will, and it should be updated during life changes such as marriage, having children, or other significant life events. A Will helps your family avoid conflict and clearly states your wishes to avoid misunderstandings.

Can you support your loved ones and your community through your Will?

You can definitely and easily do both. A residual gift is one example of how you can make a lasting impact while ensuring your loved ones are taken care of. After all debts, taxes, expenses and specific bequests have been paid, what is left over – the residual – can be donated to charity.

You can also leave gifts of stocks, RSPS, RIFS or TFSAS, or a percentage of your estate to your favourite causes. Even bequests of 1% to 5% can translate into a significant community legacy.

What are some benefits to leaving a gift to charity in your Will?

There are many benefits when you leave a gift to charity in your Will. Your bequest provides reduced taxes against your estate and ensures the causes you support have the means to fund crucial equipment and programs for years to come.

What do I do next?

The first step is to talk to a professional in your life, such as your lawyer, financial planner, or accountant. If you don’t have a professional to reach out to at this time, you can call our team of legal professionals at Creighton Law LLP at 905-723-3446.

G. Charles S. Morison is a lawyer and senior partner at Creighton Law LLP in Oshawa, a Board Director at Lakeridge Health Foundation, and Co-chair of the Foundation’s Planned Giving/endowment Committee.

Lakeridge Health Foundation supports innovative equipment, technologies, education, and research at Lakeridge Health Oshawa and Whitby Hospitals. For information on how to make an estate gift, please call Christine, Gift Planning Manager, at 905-576-8711 ext. 33824 or visit mylakeridgelegacy.com.