Including a gift in your Will to charity is actually quite easy. However, the process and costs associated with Will-making may seem daunting.
While not a legal requirement, having a Will is generally considered a crucial part of responsible planning for every adult in Canada. A Will ensures your final wishes are respected. It allows you to control how your assets are distributed, name guardians for any minor children, minimize family conflicts, support favourite charities and plan for taxes.
Without a Will, provincial laws determine your estate's fate, potentially leading to family stress and your wishes not being respected.
How to Name the Canadian Red Cross in Your Will
In order to include a gift to charity in your Will, you will need to either make a Will or update an existing one. There are generally four options available to you to do this:
- Hire a lawyer or notary to draft your Will
- Use online Will-making software
- Use a Will kit
- Write a Will yourself (holographic Will)
When making your Will, you will also need to decide what type of charitable bequest to make. Many donors consider a gift of residual interest, but a percentage or a fixed sum gift may also work for you.
A gift of residual interest allows you to leave whatever is leftover in your estate to charity after your loved ones have been cared for and all debts, expenses and taxes are paid. This means your charitable gift can grow as your estate grows over time. It also provides more flexibility as your financial situation changes throughout your life.
When you opt to leave a part or a portion of the residue of your estate, this means that you’re treating your assets like a pie. You’re giving each slice of that pie, cut up as many ways as you like, and naming one slice to each of your beneficiaries. And, a fixed sum means that you’re allocating specific amounts to specific beneficiaries.
It's important to note that Will requirements vary slightly between provinces and territories, just as personal situations vary. To ensure everything is done correctly, we do recommend that you consult with a professional advisor.
When you are ready to proceed, reach out to a member of our Planned Giving Team who can assist you in completing your gift.
Legal Details: What Information You’ll Need
There are only two pieces of information you’ll need when you make your first Will or update an existing Will to include a gift to the Canadian Red Cross.
Legal Name: The Canadian Red Cross Society
Charitable Registration Number: 11921 9814 RR0001
If you’re looking for how you might specifically word a gift in your Will, we also have a helpful Will Wording resource for you.
With a gift in your Will to the Canadian Red Cross, you can make sure that wherever there’s a need, help will be on the way.
