Charitable Giving Through Your Will: Making a Lasting Impact in Alberta
- Rikesh Wadhwa
- Jan 30
- 2 min read
Including charitable giving in your Will is a meaningful way to leave a legacy and support causes that matter to you. For residents of Alberta, there are several options and benefits to consider when planning to make charitable gifts through your estate. Here, we explore how you can make a lasting impact, the benefits of charitable giving, and the steps to ensure your wishes are honored.
Why Include Charitable Giving in Your Will?
Charitable giving through your Will allows you to:
Support Causes You Care About: Whether it's education, healthcare, environmental conservation, or any other cause, your gift can help organizations continue their valuable work.
Create a Legacy: Leaving a charitable gift ensures your values live on and make a difference even after your lifetime.
Reduce Estate Taxes: Gifts to registered charities in Canada, including those in Alberta, can reduce the taxable amount of your estate through donation tax credits. Your accountant can provide further details on this and the potential benefits.
Types of Charitable Gifts
In Alberta, there are several ways to structure charitable giving through your Will:
Specific Bequests: You can designate a specific amount of money or a particular asset, such as property or securities, to a charity.
Residual Bequests: This involves leaving all or a percentage of the remainder of your estate to a charitable organization after other gifts and debts are settled.
Contingent Bequests: A gift that is made only if certain conditions are met, such as if your primary beneficiaries predecease you.
Tax Benefits of Charitable Giving in Alberta
Charitable donations made through your Estate may provide tax advantages. We suggest contacting an accountant to receive advice on the specific advantages your Estate may receive.
Steps to Include Charitable Giving in Your Will
Identify the Causes You Want to Support: Reflect on the charities or causes that align with your values and interests. Ensure the organizations are registered charities in Canada.
Consult a Lawyer: At Stokes Law, we are happy to discuss estate planning to ensure your wishes are clearly outlined in your Will and comply with provincial and federal laws.
Review and Update Your Will Regularly: As your circumstances or priorities change, revisit your Will to ensure it reflects your current wishes.
Considerations for Charitable Giving
Clarity: Be specific in your Will to avoid confusion. For example, you must name the specific charity to ensure the gift reaches the intended organization.
Protection: We suggest including a clause allowing your executor to redirect the gift if the charity no longer exists or has significantly changed its mission. This is something you may also wish to discuss with your executor.
Professional Advice: Seek guidance from financial advisors and estate planners to optimize your giving strategy.
Final Thoughts
Charitable giving through your Will is a powerful way to make a lasting impact while also benefiting your estate and other beneficiaries. With thoughtful planning and professional guidance, Alberta residents can create a legacy that supports meaningful causes for years to come.
If you’re considering adding charitable gifts to your Will, start by consulting an experienced estate planning professional. Together, you can craft a plan that reflects your values and leaves a positive imprint on the world.
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