Tips for Creating a Will
Once you’ve decided to enjoy the peace of mind that comes from making your will and other long-range plans, how do you begin? It’s easy—taking the first step is the hardest part.
Make an appointment with your lawyer. If you do not have a lawyer, call your local bar association for recommendations. Or ask trusted friends or advisors for names of lawyers they know who specialize in estate planning in your area.
How much will it cost? The cost of wills will vary depending on complexity. A simple will can range from $100 to $300, and a second will for a spouse will cost even less. The investment is a wise one. Your heirs will spend far more in taxes, fees and aggravation without one. Your lawyer will estimate his or her fees before you begin the will planning process.
Make these lists:
- All property you own and its value, including stocks, personal property, real estate, business interests, retirement plans, etc.
- How your assets are owned (outright, joint ownership, etc.).
- Names and ages of all family members and others you wish to include.
- Your wishes for distributing your property.
- Charitable gifts you wish to include.
By collecting this information, you can save yourself time and possibly, money.
Sample wording for a bequest to Covenant House
If you have decided to leave a legacy gift to Covenant House in your will, here is some wording that will help.
The proper legal name of our organization is:
- To donate a residue of your estate, an identified
percentage of what is left in your estate after taxes, debts and other
bequests are paid:
“I give ___percent (x%) of the rest, residue, and remainder
of my estate to Covenant House Toronto for its general purposes”.
- To donate a specific amount of money or specific asset:
“I give the sum of $_______to Covenant House Toronto for its general purposes”.
“I give ___ shares of (Company Name) to Covenant House Toronto for its general purposes”. (#)
- To donate a contingent gift, a gift received after certain conditions are met.
“In the event that ____________________________, I give Covenant House Toronto ______________”
(e.g. my sister does not survive me)(See 1 or 2 above)
Covenant House Toronto
20 Gerrard St. E.
Toronto, ON M5B 2P3
Tel:416-204-7062 / 1-800-435-7308
If you would like to join our White Dove Society or if you’d like more information about bequests, please contact:
Associate Director, Development
Covenant House Toronto
Learn more about how to help
| Success stories
Your support goes directly to providing safe shelter, food, counselling and opportunity for homeless kids. Donate now
Follow UsContact us
Long journey home
Lost, starving and dressed in tattered clothes, Becca walked for what seemed like miles along a highway shaking and terrified.
Read more »