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Wills & Bequests

Many people are reluctant to plan their estates, and believe they won’t need a will until years into the future. But death can come unexpectedly, and, unfortunately, the person you may wish to receive your estate and look after your family may be involved in the same tragedy.

If you already have a will, you are on the right track. You obviously understand the value of having a well planned estate. A will makes it much easier for your family and friends to receive money and valuable possessions you leave behind. Without a will, provincial laws determine who receives what. If you do not have blood relatives, it is likely your provincial government will receive your estate, instead of friends or organizations you wish to benefit. By preparing a will you decide how your estate is distributed.

Consider reviewing your current will

Consider reviewing your current will

If you already have a will, you would be wise to consider updating it if any of the following statements are true:

  • It has been 3 years or more since I last reviewed my will.
  • My will was drawn up when I lived in a different province or country.
  • There has been a birth in the family.
  • There has been a death in the family.
  • There has been a change in my marital status
  • The beneficiaries named in my will are no longer living.
  • The estate trustee and/or alternative named are no longer living.
  • I would like to add or subtract beneficiaries.
  • There have been changes in my asset base.

Kinds of bequests

A carefully prepared will can help make sure all reasonable provisions have been made for your dependants. Your will can be a convenient way to make a charitable gift to an organization you have supported all your life. A will also helps minimize taxes at the time of death.

Bequests can be in the form of cash, real estate, securities, tangible personal property or other assets. Here are some types of bequests, using a gift to Gillian’s Place as an example…

Specific Bequest: Gillian’s Place would receive a specific dollar amount from your estate, or a stated percentage. The advantage of making a specific gift is that it can be precisely identified and is simple to administer.

Residuary Bequest: Gillian’s Place would receive a percentage of the remainder of your estate. The actual value is sensitive to any changes in the value of your estate.

Sample wording

Here is some suggested language to provide for Gillian’s Place in your will. Similar wording would be used to designate others you would like to provide for in your will.

Unrestricted Bequests

give to Gillian’s Place $_____ for use as Gillian’s Place may deem appropriate.

I give to Gillian’s Place ______% of my estate for use as Gillian’s Place may deem appropriate.

I give to Gillian’s Place all of the residue of my estate for use as Gillian’s Place may deem appropriate.

Restricted Bequests

give to Gillian’s Place $ or % (or) all of the residue of my estate to be used for the following:___________________

An outright distribution of cash or property is a convenient way to remember friends, relatives or a charity such as Gillian’s Place. You should consult your charity of choice to ensure that they are properly named and to make sure your bequest can be sued as you intended it.

For more information, we invite you to contact Gillian’s Place to help answer any questions you may have.

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