A donation through your will, also known as a bequest, allows you to make a gift from your estate without affecting your present income. A bequest may include gifts of
- real estate
- other assets
A bequest will also provide tax benefits. Your estate will receive a tax receipt for the full value of your bequest, saving tax dollars. The receipt may also be carried back and claimed in the year prior to death.
There are other direct benefits of making a will.
- Your estate is settled quickly and efficiently.
- You, not the courts, select an executor to ensure that your wishes are met.
- Taxes and expenses can be minimized and paid in a timely fashion.