submitted by Erin Kapcala
Many people believe that their estate is too small to bother having a will or that whatever they have will be needed by their spouse and other loved ones. Such thinking is common, but it can prove to be a problem for your loved ones. After a lifetime of hard work, most of us have far more assets and wealth than we realize. Without a will, your family and loved ones can face uncertainty, delays, and stress while settling your estate.
Creating a will is a wise personal investment of time and energy – it is also a wise investment for the family you are leaving behind. Having a will ensures that your wishes are carried out and spares your loved ones any additional stress at an already difficult time. In fact, a properly prepared will can preserve more of your estate to pass on to your loved ones
Sound surprising? Here are some suggestions from experts in estate planning that can help you preserve your assets:
- Put assets into joint ownership if you can. When properly done, jointly owned assets go directly to the other owner(s) and are not considered part of your estate. This can simplify your estate’s administration and may reduce your estate’s taxes.
- Review and update your will regularly. This allows you to keep up with new family situations and any changes in tax rules that occur. It also ensures that your will continues to work to your and your family’s best advantage, while reflecting your wishes.
Of course, there is another good way you can minimize taxes on your estate — you can create a gift in your will (often called a legacy gift) to a registered charity like the WDMH Foundation. When you make this kind of gift, you can ensure that your loved ones are cared for and help reduce your estate taxes. Your professional advisors can help you determine the best way to create a tax-wise gift. In doing so, you can support your loved ones while also supporting excellent care delivered right here in our community – close to home.
To learn more about legacy giving to support Winchester District Memorial Hospital and/or Dundas Manor Long-Term Care Home, please contact fellow legacy donor, Erin Kapcala – Manager of Major and Planned Giving for the WDMH Foundation at 613-292-7468 or ekapcala@wdmh.on.ca
Community. Care. Close to Home.
The information and opinions are obtained from various sources believed to be reliable, but their accuracy cannot be guaranteed. The WDMH Foundation and its employees and agents assume no responsibility for errors or omissions or for damages arising from the use of the published information and opinions. Readers are cautioned to consult their own professional advisors to determine the applicability of information and opinions in any particular circumstances.
