Download this helpful guide for information about making a gift through your will.

Frequently Asked Questions About Making a Gift Through Your Will

What is a will?
A will is a document, conforming to certain legal requirements, that contains directions for the disposal or distribution of a person’s possessions after his or her death. A will does not take effect until death and, until then, can be changed or revoked. A will is also the opportunity to create a lasting legacy for the future by including a gift to a valued charity.

What are the benefits of having a will?
Your will:

• Allows the person you name as your executor to act immediately - to make funeral arrangements and take charge of your estate;
• Protects your assets (possessions) and ensures they are dealt with as you have directed;
• Affords the opportunity to make suitable arrangements for minor children, other dependents or friends, and pets;
• Clarifies for family and friends what your wishes are and who is to carry them out;
• Minimizes the costs of dealing with your estate and the effort involved in managing it; and
• Reflects your beliefs and values and can create or continue your legacy in the community through a charity of your choice. Question: Why don’t more people have wills? Answer: Because they do not realize how important it is to have a will. Some people think that they do not have enough possessions to need a will or that it is too expensive to have a will prepared. Other people think that their spouse will automatically inherit their possessions or that life insurance and joint ownership are sufficient. In many cases, these assumptions are incorrect.

What happens if I don’t have a Will?
Answer: In B.C., the Estate Administration Act sets out the details regarding the distribution of an estate when a person dies without a will, called “intestate”. Dying without a will can result in additional worry for your family, a possible delay in the distribution of your estate, an increase in estate management costs, and the exclusion of some persons you would have wanted to share in your estate.

Is it a good idea to include a gift to charity in my will? What if I have family who I want to benefit? 
Family always comes first. However, if you would like to also benefit a cause that has touched your life or has impacted your family in some way, including a gift in your will is the easiest way to benefit your chosen cause and it can save tax for your estate as well. Since, in Canada, taxes are payable on death as if all the assets in your estate had been sold, the charitable gift in your will can be made from funds that otherwise would have had to be paid by your estate as tax.

How do I include a gift to charity in my will?
Answer: Including a gift to a favorite cause in your will is easy. For example, the BC Cancer Foundation can provide a letter with suggested wording for your will so that your wishes are accurately reflected and can be met. You can then simply take the letter to your legal advisor. The most important information to obtain from your favorite charity before including a gift to it in your will is the charity’s legal name. If the legal name of a charity is not correctly named in your will, your gift may be received by a different charity than the one you intended. Our legal name is BC Cancer Foundation.

What kinds of charitable gifts can I make through my will? 
You can make one of four kinds of charitable gifts through your will:

• Specific Bequest: You designate a specific dollar amount or piece of property, such as real estate, stocks, bonds or works of art.
• Residual Bequest: You donate all or a portion of your estate to the beneficiary after all your debts, taxes, expenses and other bequests have been paid.
• Contingent Bequest: Your gift takes effect only if the primary intention cannot be met (e.g. if the primary and alternate beneficiaries do not survive the donor).
• Deferred Bequest: Your gift takes effect after your loved ones no longer need the support of the income from your estate.
  
  You can also decide whether you wish to specify the use of your gift. For example:
  • Unrestricted Gifts: If you wish to meet the most important needs of BC Cancer Agency, we recommend that your gift be unrestricted.
  • Restricted Gifts: If you would like to support particular types of projects (e.g. prostate cancer research), you can include gift restrictions in your will. However, because the BC Cancer Agency’s needs may change over time, we recommend that you add a “power to vary” clause in your will in order to ensure your gift will deliver maximum value to the BC Cancer Agency.

What if I have already had my will prepared?
You can amend a will or trust to make a gift without rewriting the entire document. Your legal advisor can prepare a simple document, called a codicil, that adds a new bequest to the BC Cancer Foundation while reaffirming the other terms of your will.