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A Legacy Lives FOrever
When you write your will, it is possible to look after your own family while still improving the lives of others through Life Choices.
A Will is an important way to look after the future of people you care about. Making a Will ensures that your loved ones are provided for as you intended and that your wishes are respected after you have passed away. If you don’t have a valid Will, the courts have to administer your affairs after you die. This can cause delays and anxiety for family and friend, and your affairs may not be handled as you would like.
how to leave a legacy?
There are many ways to leave a gift to a not-for-profit organisation that you believe in
Some of these may include:
- Leave a Gift in your Will
- Gifts of Life Insurance
- Gifts of Charitable Remainder
- Gifts of Securities
- Gifts of Property
how to leave a legacy?
There are many ways to leave a gift to a not-for-profit organisation that you believe in
Some of these may include:
- Leave a Gift in your Will
- Gifts of Life Insurance
- Gifts of Charitable Remainder
- Gifts of Securities
- Gifts of Property
THE BENEFITS OF NAMING A ‘GOOD CAUSE’ IN YOUR WILL
Naming a not-for-profit in your Will is the simplest way that you can leave an altruistic legacy. With a not-for-profit beneficiary, you will be remembered after your death for the values that you held dear during your lifetime. You will feel good knowing that you will be making a significant and lasting difference to causes that you care about.
Your charitable gift(s) can be in the form of a fixed amount or it can be a percentage of what is left after tax and other costs have been paid. If your beneficiary is a register not-for-profit organisation, your estate will receive a charitable gift receipt in the amount of your gift which will offset taxes owing on your estate. The charitable tax receipt can be applied up to 100% in the year of death and in addition, carried back one year.
You may feel concern that heirs will receive less if charity is named in a will. Your family and others who depend on you should always be first. However, because tax is almost always owing in an estate, through income and/ or capital gain, a charitable receipt can offset tax owing and quite simply re-direct some or all of the money in the estate that would go to tax.
Your advisor(s) can help you decide if this is best for you. It is recommended when drawing up your Will, that you consult a legal advisor who can ensure your final wishes are met. We always recommend that you discuss your plans with your family so that they are fully aware of your wishes.