Gifts in Wills - The Benefaction Advantage
A movement is building across the country. Over 3 million Canadians have left a gift in their Will to charity. We’re not talking about celebrities or wealthy philanthropists, these are ordinary people who are using the power of their Wills to make a big difference.
This trend in “ethical Wills” has surged in the past three years, and it’s no surprise. With so much change in the world highlighting new and growing needs, people are looking for effective ways to make a big impact.
Here’s why this is a great idea:
You can make a major contribution to the organizations you hold most dear
You won’t use any of the money you need now
You’ll still support your loved ones and inheritors in the future
A charitable gift in your Will is an opportunity to showcase your values and does not have to come at the expense of supporting your loved ones. In fact, charitable gifts in Wills can be used to offset income tax payable by your estate which increases the amount available for your other heirs.
As you may know, Benefaction partnered with Will Power, a national campaign that educates Canadians about the power of leaving a charitable gift in their Will. They have a great tool to show you how big an impact you can make. For example, the Will Power Legacy Calculator lets you see for yourself what even 1% of your estate can do!
Why leave a gift in your Will to your Benefaction Fund, instead of directly to the charity(ies) you wish to support?
An important advantage of a Fund with Benefaction is flexibility. Our donors can give to different organizations over time as they learn of new charities to support or as world events transpire causing them to want to give differently. This flexibility extends to legacy giving as well. Your personal Fund with Benefaction can be named as a beneficiary in your Will and the recipients of your grants can be changed at any time in writing. You would simply email a signed letter to the Benefaction team to update your instructions on file (beneficiaries, amounts, etc.), without needing to update your Will which can often be a laborious, expensive process. This gives you the flexibility to change your mind if you find a new cause or organization you wish to support.
A gift in your Will to your Fund at Benefaction allows you to harness the power of legacy giving with the flexibility to change your chosen charities without the challenging process of updating your Will!