Your will is an important part of your estate planning. But it can be much more than this. Your will is an opportunity to make an impact for good on the world. You can help make a difference to your family and to your community. Consider carefully those things which are important to you, and make sure you have a will.
Getting started
Getting started is perhaps the most difficult part about making your will, so make use of all the professional services available to you. First, gather information concerning what you own. Property, life insurance, business ventures, and personal items – all of these need to be taken into consideration. Second, think about where you would want these items to be distributed. Many recipients may be considered; children, family members, and friends who have ongoing support needs, and also your church or favourite charities. Therefore, a will makes good sense. Without a will, your wishes are not guaranteed to be fulfilled.
The Will
The laws relating to one’s estate are not simple; therefore utilizing professional assistance in these matters is usually money well spent. Even though it may cost a little more, you know that your affairs are in good hands. Remember to keep your will flexible. Use percentages rather than fixed amounts so that changes in your finances will not force a complete revision. Remember to choose a residual beneficiary. You may have thought of everything, but this ensures you have done so. Finally, choose your personal representative with care; someone you trust, who is able to handle the responsibility, and who is located close enough to deal with the matters at hand.
Your gift and taxes
Your gift to Booth University College qualifies for income tax credits. If taxes have a great impact on your financial situation, then talk to your advisor about how you can take advantage of the tax benefits given to your estate through gifts to Booth University College.
How to make a gift to Booth University College
To leave a gift to Booth University College, ask your lawyer to include one of the following statements:
“I give, devise and bequeath to Booth University College, the sum of $________, (or) my property known as________, (or) ________% of the residue of my estate, (or) the residue of my estate, for its sole use and purposes.”
Should you wish to designate your gift to benefit a specific program or area of Booth University College, then add:
“lt is my preference that this gift be used for ________.”
Remember, there is far more to making a will than is outlined here. Your own legal advisor will be happy to help you, but if you would like to talk with us further about your will, or obtain more information on gift planning, please contact our Development Office.
