A Bequest in Your Will
If you pass away without a Will, there may be additional expenses and unnecessary delays in settling your estate. Eventually, the government will make decisions for you, and of course, nothing will be given to charity.
If you want to make your own decisions and spare your family needless problems, then please make a Will. It can make a world of difference to your own happiness, to the future of those you care about and to the causes you support. The benefits of having a Will can be calculated in your peace of mind as well as in dollars. In planning your Will, it's right and natural that your first thought is for those you love, particularly if they depend on you financially.
Through your will, you can make provisions for:
- the financial security of your family
- the naming of guardians for young children
- property distribution
- funeral instructions
- financial gifts to causes, like The Lung Foundation, to ensure that your beliefs and values live on and the work you supported in your lifetime will continue.
After providing for the financial needs of your family, you may wish to consider making The Lung Foundation of Saskatchewan a beneficiary in your Will. What better way to continue to care for others than by providing in your Will for the causes you support?
What to Include in your Will
Talk to your family and friends and decide who will be your executor and beneficiaries. Talk to a lawyer, who will guide you and draft your Will. Your lawyer will help you draw up a list of your assets including bank accounts and securities, properties or land, insurance policies and possessions. If your estate is large or complex, you may also wish to consult an accountant.
A bequest to The Lung Foundation of Saskatchewan in your will is one of the most popular ways of leaving a legacy for the future.
The importance of having an up-to-date will cannot be overstated. Unfortunately, every day a high percentage of Canadians die without a will (intestate). The probate process for an estate without a will can be costly and time-consuming, and will not take into account your personal wishes and priorities.
By constructing your will carefully, you can avoid excessive taxes. For example, a charitable bequest can reduce the final tax burden of your estate by as much as 100% of your income in the year of demise and the previous year.
We recommend that you seek the professional advice of your family lawyer and a financial advisor when drawing up your will. Your lawyer can draft or amend your will as needed. Your financial planner can advise you on how to obtain optimal tax benefits for various forms of charitable gifts.
Here is some sample bequest language and wording for making changes to your will, including endowments. Please share it with your professional representative (lawyer, accountant and such) to ensure that your bequest is properly designated.
When you name the Lung Foundation in your will please share that information with us so that we may properly record and acknowledge this special and important decision. If possible please send a copy of that section where The Foundation is named. It would be much appreciated and be assured that any details you provide will be kept completely confidential.
