If wishes are not recorded in a person’s Will, gifts to beneficiaries and charities may not be fulfilled, explains Joyce Lee, a tax planning lawyer and passionate supporter of BC Children’s Hospital. Further, if a donation is not contained in the Will, the charity cannot issue a charitable tax receipt.

If wishes are not recorded in a person’s Will, gifts to beneficiaries and charities may not be fulfilled, explains Joyce Lee, a tax planning lawyer and passionate supporter of BC Children’s Hospital. Further, if a donation is not contained in the Will, the charity cannot issue a charitable tax receipt.

The Power of Your Will

A gift in your Will shows remarkable foresight for your community

Did you know that a legacy gift in your Will can extend your values far into the future? What if you can help lead progress in pediatric health for generations of kids across BC?

A gift in your Will shows remarkable foresight for your community, and at BC Children’s Hospital Foundation, we like to recognize legacy donors in a special way – as members of our Legacy Circle. It is an amazing group of individuals like you whose generosity is creating new possibilities for the future of care for our kids.

As an important member, we would ensure you have opportunities to learn about cutting-edge research, hear from families transformed by your generosity, and learn tax and estate planning tips. Most importantly, it allows us to express our gratitude for your gift.

To help you plan your legacy through a gift in your Will, we are sharing an interview with Joyce Lee Q.C., a tax planning lawyer and long-time member of our Chinese-Canadian Planned Gift Committee.

Q&A with our Tax Planning Lawyer

Joyce is a partner at Deloitte Legal Canada LLP, wife and mother to two teenage daughters, and is passionate about BC Children’s.

Q: Why create a Will? What does it avoid?

A: A Will avoids additional time, expense and confusion to family members when they have to decide who will take responsibility for the administration of the estate. Otherwise, the administrator needs to do the extra step of getting consensus from family members and applying to the Court for approval to act.

Q: Why is it important to create a Will when you are healthy?

A: An estate plan will evolve with changes in a person’s life and often takes time and a clear mind to settle. It is best not to leave the planning until a critical event has occurred. We cannot predict health and capacity issues, which can arise unexpectedly.

Q: Are there other documents that would be helpful to have crafted at the same time?

A: Powers of attorney and representation agreements should be discussed at the same time as a Will. These cover financial and health situations, and more.

Q: Why should you not leave everything to one person and trust them to distribute your estate using instructions NOT in the Will?

A: If one’s wishes are not recorded in their Will, there is no accountability to the rightful beneficiaries, leaving a high risk that gifts to beneficiaries and charities will not be fulfilled. And, if a donation is not contained in the Will, the charity cannot issue a charitable tax receipt.

Update your Will at different stages of life – so that nothing, and no one, is missed.

How have your assets and circumstances changed? Consider updating your Will and including a gift to your favourite charity, ensuring your values continue forward. Avoid confusion by listing the charity’s legal name and CRA registration number.

The Power of Your Will

Estate planningFamiliesHealth and wellness

Just Posted

Court of Appeal in Vancouver. (File photo: Tom Zytaruk)
Man convicted of assault, unlawfully confining woman pregnant with his child loses court appeal

Victim tells court he drove her to Guildford parking lot after he’d ‘grabbed’ her neck and she fainted

Peter and Stephanie Chung. (File photo: Tom Zytaruk)
Surrey philanthropists presenting $285K in scholarships on Saturday

Drs. Peter and Stephanie Chung over the past nine years have awarded more than 500 students, in memory of their son Joseph

North Surrey Minor Football players in action. The club is among Surrey-area recipients of the B.C. government’s Local Sport Relief Fund. (File photo)
COVID ‘relief’ funding for some sports groups in Surrey, White Rock, Delta

‘Without financial support, these clubs are at risk of closure,’ says B.C. government

Construction on the main foyer at the soon-to-be opened Clayton Community Centre. (Photo courtesy of HCMA Architecture + Design)
Clayton Community Centre opening delayed again

City says Provincial Health Order reason for latest delay

Businesses continue to struggle under COVID-19 restrictions as the pandemic reaches the one-year mark. (B.C. government)
Another 564 COVID-19 cases, mass vaccine plan coming Friday

15 more deaths, community cluster declared in Williams Lake

Jan. 21 marks the 21st day of the 21st year of the 21st century, according to some. (Black Press Media file photo)
The 21st day of the 21st year of the 21st century is upon us

Milestone won’t be back for another 100 years

Darlene Curylo scratched a $3M ticket, BCLC’s largest ever scratch and win prize. (BCLC)
Kelowna woman in shock after winning BCLC’s largest-ever instant-ticket prize

Darlene Curylo couldn’t believe her eyes when she saw the amount of money she’d won from a scratch ticket

While each person has different reasons for becoming homeless, a UBCO study shows they learn through their interactions with different services to perform ‘as homeless’ based on the expectations of service providers. (Contributed)
Kelowna homeless forced to ‘perform’ for resources, says UBCO study

One participant in the study said ‘It is about looking homeless, but not too homeless’

Gov. Gen. Julie Payette takes the royal salute from the Guard of Honour as she makes her way deliver the the throne speech, Wednesday, September 23, 2020 in Ottawa. THE CANADIAN PRESS/Fred Chartrand
Gov. Gen. Julie Payette resigns, apologizes for ‘tensions’ at Rideau Hall

Payette, who is the Queen’s representative in Canada, has been the governor general since 2017

Grounded WestJet Boeing 737 Max aircraft are shown at the airline’s facilities in Calgary, Alta., Tuesday, May 7, 2019. WestJet will operate the first commercial Boeing 737 Max flight in Canada today since the aircraft was grounded in 2019 following two deadly crashes. THE CANADIAN PRESS/Jeff McIntosh
Passengers unfazed as WestJet returns Boeing 737 Max to service on Vancouver flight

After a lengthy review process, Transport Canada cleared the plane to return to Canadian airspace

The top part of the fossil burrow, seen from the side, with feathery lines from the disturbance of the soil – thought to be caused by the worm pulling prey into the burrow. (Paleoenvironntal Sediment Laboratory/National Taiwan University)
PHOTOS: SFU researchers find evidence of ‘giant’ predatory worms on ocean floor

Fossils found the prove the existence of an ancient Taiwanese worm as long as two metres

RCMP officers provide policing for 63 B.C. municipalities under a provincial formula based on population. (Black Press file photo)
B.C. communities warned of upcoming RCMP unionization costs

Starting salaries for city police officers are 30% higher

(Pxhere)
B.C. nurse suspended after using Tensor bandage to trap long-term care patient in room

Susan Malloch voluntarily agreed to a three-day suspension of her certificate of registration

Most Read