When writing your Will, you should provide:
- Appointment of your Executor(s)—full name(s) and address(es)
- Disposition of Property—full name and address of each beneficiary
- Gifts of specific items (Letter of Direction/Memorandum of Articles)
- Gifts of cash (if applicable)
- Gifts of the Residual of the Estate
Choosing your Executor
If you are in a marital/ common-law relationship, the executor would usually be your spouse or partner. If you are single or widowed, or if your spouse or partner is not the best option for you, then you will need to select a suitable person to be the executor of your Will.
When choosing your executor, consider their age, their location, their organizational skills and attention to detail, and their willingness (i.e., no work or family commitments that might hinder them).
Charitable Bequests
A donation of assets can be in the form of a specific amount of cash or shares; most commonly, it would be a percentage of your estate value (after debts and family needs have been met).
A Charitable Bequest is a great thing to include in your Will because it:
- means you can continue supporting your chosen charity in an impactful way—you will leave a legacy
- creates a tax credit for your estate
- is simple to arrange and doesn’t impact your current income, obligations, needs or lifestyle
Real Estate
A gift of Real Estate can reduce taxes through tax credit and can also minimize the workload and burden placed upon your executor(s) and heirs.
You might consider a gift of Real Estate in your Will if:
- you have considerable real estate holding but modest liquid asset holdings (assets that can easily be converted into cash)
- you no longer need the property nor the proceeds from its sale
The benefits of gifting Real Estate include:
- you will receive an immediate donation receipt for its fair market value
- there is no capital gains tax if you donate your primary residence
- capital gains up to $1million may be tax exempt when farm property is donated
- after making a gift, you will not have to pay property taxes, maintenance of property management fees, insurance, or other outgoing costs
