How to Leave a Gift in Your Will

In this section, you’ll find practical information on creating and updating your Will.

How to Leave a Gift in Your Will

In this section, you’ll find practical information on creating and updating your Will.

Making a Will and keeping it up to date is very important - it puts you in control and removes any uncertainty for those left behind. In many instances, legacy gifts (or planned gifts) will result in significant tax advantages for you now and for your estate when you’re gone.

Click here to view examples of wording to use in your will.

 

Creating Your Will

Before arranging to have a Will written, it is worth drawing up a list of your assets (and your debts) which should give you a clearer idea of what your final estate will look like. You could set it out like the one below:

  • Assets
  • House
  • Cash savings
  • Bank/building society/savings account
  • Shares
  • Bonds
  • Life policies
  • Pension funds
  • Chattels - household contents, jewellery and so on.

Debts

  • Mortgage
  • Loans
  • Other debts

Click here to view examples of wording to use in your will.

 

Examples of Legacy Gift Wording

Click here to view examples of wording to use in your will.

 

Updating Your Will

It's vital to review your Will regularly to ensure that it reflects your current wishes and circumstances.

Generally you should review your Will every time a 'life event' happens. For example:

  • you marry
  • you have a child/grandchild
  • there is a death in your family
  • there is a change in your financial circumstances
  • there are major changes in the types or rates of taxation
  • you are going to live abroad
  • you are moving to shared accommodation
  • you separate or divorce from your spouse or partner

 

Preparing for the future

No one likes to think about their own death, but just a short time spent talking to your solicitor and sorting out your affairs now could prevent uncertainty for those left behind. It will also mean that you, not the government, will decide what happens to your property.

If you should die without making a Will (in legal terms this is called dying intestate), the law will determine how your property (or estate) is divided. This can cause great uncertainty and distress for everyone concerned.

If, however, you make a Will, you'll know your loved ones will see your exact wishes being carried out, bringing some comfort during a difficult time.

 

Be sure to keep your Will current

Keeping your Will current is just as important as making one in the first place. It really is the only way to ensure that your final estate is distributed to your beneficiaries in exactly the way that you want it to be.

If you have further questions which have not been answered here, please contact our Chief Development Officer, Jeff Sodowsky at 604-875-2493.  
Mailing address is D310 - 4500 Oak St. Vancouver, BC V6K 3N1