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4 Reasons Canadians Are Rethinking Their Estate Plans

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This article was published 01/09/2022 (1445 days ago), so information in it may no longer be current.

Canadians have always found ways to give back. Whether it’s responding to an emergency appeal or donating monthly to a favourite charity, we try to help whenever we can. Now, more Canadians are discovering ways to give strategically through their estates.

With inflation what it is, people are looking for ways to take control of their finances.  By planning out your future finances, you can take care of family and make a big impact on the causes you care about, without feeling the pinch now.  While planning your estate may seem overwhelming, it doesn’t have to be – in fact, it’s a pretty straightforward process.  Learn how a growing number of Canadians are turning their attention to the benefits of estate planning.

Here are four reasons to plan your estate now:

• Your Will Gives You Power – Did you know that if you don’t have a Will, the provincial government can decide how your estate should be distributed? Your Will is a powerful document that should not be ignored. It allows you to create real change for your family and community. Imagine the impact you’d make if you allocated even 1% in your Will to a charity of your choice (you can see for yourself using Will Power’s Legacy Calculator). And you still leave the majority of your estate to support loved ones.

These days, writing your Will can be easy and inexpensive. If you need to write or update your Will you can find a lawyer or notary in your area, or you might try an online Will platform.  If you want to exercise your power to leave a meaningful legacy, write or update your Will today.

• There’s More Than One Way to Give – Whether it’s through a Will, an RRSP, or even a life insurance policy, we as Canadians have so many options to give from our estates. And most importantly, you can use these different options to support family, charity, AND save on taxes at the same time. See how one couple used a life insurance policy to give big to charity and take advantage of the tax benefits, all while leaving a sizable inheritance for their daughters.

Some of the options and tax incentives vary by province, so find a financial advisor in your area to get the help you need to structure your estate in the way that works best for you.

• Take the “Guesswork” Out For Your Family – The very idea of inheritance can fill people with more questions than answers. But when you have an updated Will providing clarity for your family, you can remove some of that anxiety for them.  Figure out how you want to allocate your estate, and then speak with your family members. Talk to them about your wishes and how you’d like to take the “guesswork” out of managing your estate. You can even use some of these tips to turn the conversation into a great bonding opportunity.
• You Can Keep the Love Going – Are you someone who has spent a lifetime contributing to a cause in one way or another? Why not keep that impact going? Find out how a gift left in your Will could keep the love going for your favourite charities. You’d be surprised how much even a small portion of your estate can accomplish for the causes close to your heart. Perhaps you could fund research into a cure, start a scholarship, create an endowment for the arts, or preserve wetlands. A great resource to get you started is Will Power’s Charity Finder, where you can search charities by cause and location, and easily discover how they would use your future gift.

Estate planning is not just for the Bill Gates and Warren Buffets of this world. A growing number of Canadians are now discovering their power to do more for family and charity by simply thinking about their estate in a different way. They are giving through their Wills as an act of love to the people and causes they care about. That kind of giving has the strength to reverberate for multiple generations to come.

Will Power is a national public education campaign designed to inspire Canadians to think differently about charitable giving. Visit willpower.ca to learn more and sign up for events and our educational newsletter about all things giving.