Should I Create or Update My Will?
Asking for a friend… 😅😳
Prince unexpectedly died at age 57, without a will. Sonny Bono skied into a tree and died instantly leaving his affairs unsettled, no will. Aretha Franklin knew that her pancreatic tumour would impact her long-term health outcomes and still died without making her final arrangements for her estate.
Over 60% of Canadians over the age of 50 do not have a current estate plan and of those with a current estate plan only 4% have a provision for a charitable bequest.
The CTV article states “Canadians concerned about the personal ramifications of the COVID-19 pandemic are rushing to update their will and sign power of attorney documents, an important step for millions who have no such plans in place”.
Willful, a Toronto-based company whose online platform allows you to create a will in as little as 20 minutes, has seen its sales and website traffic double since March 16, when the spread of the novel coronavirus picked up in Canada.
Without proper estate planning, you will have less say in how your estate is disbursed. More money is directed to government revenue agencies like the IRS or CRA, each year from taxable capital gains then is donated to charity.
FUNDING matters Inc. developed GiftabulatorNOW as an easily to use illustration in how individuals can maximize their estates to their heirs and leave a meaningful impact for charities.
Solution: Professional advisors along with not for profit partners can help shape their clients’ legacy for their families and their communities. GiftabulatorNOW allows you to engage in meaningful discussions while practicing “social distancing”.
Keep a safe distance and be well!
Click Here To See How You And Your Advisor Can Calculate The Best Ways To Give