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.

Estate planningFamiliesHealth and wellness

Just Posted

A health-care worker prepares to swab a man at a walk-in COVID-19 test clinic in Montreal North, Sunday, May 10, 2020, as the COVID-19 pandemic continues in Canada and around the world. (THE CANADIAN PRESS/Graham Hughes)
Interior Health records 21 new COVID-19 cases over the weekend

Thirty-six cases remain active; two people are in the hospital, one of whom is in intensive care

Advance voting has now started in polling places throughout the Fraser-Nicola riding. (Photo credit: Barbara Roden)
B.C. VOTES 2020: Advance voting now open in Fraser-Nicola

Advance voting runs from Oct. 15 to Oct. 21 in B.C.’s election

Honour House Society founder and President Allan De Genova (l) and Robert Parkinson, Health and Wellness Director, Ambulance Paramedics of BC and Director, Honour House Society, at the opening of Honour Ranch near Ashcroft, Oct. 5, 2019. Photo credit: Barbara Roden
Honour Ranch makes use of ‘down time’ to complete essential work

Unable to run programs because of COVID-19, volunteers made the site ready for year-round use

Historic Ashcroft sign, date unknown. (Photo credit: Wendy Coomber)
Restaurant patio licences extended in Ashcroft for another year

Council decision enables establishments to keep outdoor patios through October 2021

Seventh-Day Adventist Church Pastor Charles Lomudak (l) with Daniel Collett and Marina Papais (r of sign), Gary Dost (third from r), Gwen and Katie Henderson (4th and 5th from r), and congregants with the church’s new sign. (Photo credit: Barbara Roden)
New mosaic at Ashcroft church labour of love for congregants

Seventh-Day Adventist Church worked with local artists to design, create new sign

With local MLA Adam Olsen looking on, BC Greens leader Sonia Furstenau said a Green government would convert BC Ferries into a Crown corporation Wolf Depner/News Staff)
Green leader Sonia Furstenau promises to convert BC Ferries back into Crown corporation

Promise comes Monday afternoon with five days left in campaign

A passer-by walks past a COVID-19 testing clinic in Montreal, Friday, Oct. 16, 2020. THE CANADIAN PRESS/Ryan Remiorz
Canada ‘yet to see’ deaths due to recent COVID surge as cases hit 200,000

Much of the increase in case numbers can be attributed to Ontario and Quebec

Police confirm human remains were found in a recycling bin in Vancouver on Oct. 18, 2020. (Black Press Media file photo)
Human remains found in recycling bin floating near Vancouver beach

Police asking nearby residents to see if their recycling bin has gone missing

B.C. Liberal leader Andrew Wilkinson visits a North Vancouver daycare to announce his party’s election promises for child care, Oct. 9, 2020. (B.C. Liberal Party video)
B.C. parties pitch costly child care programs in pandemic

B.C. Liberals say they’ll deliver on NDP’s $10-a-day promise for lower-income families

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

A B.C. man decided to create a website to help people find family doctors accepting patients. Because Victoria is considered high-demand, clinic openings can’t be posted publicly. (Unsplash)
Vancouver Island man starts website that connects B.C. residents with doctors

Nanaimo man started project to help people find family physicians accepting patients

Voting station at Tzeachten Hall in the riding of Chilliwack-Kent on the first day of advance voting in the provincial election on Oct. 15, 2020. (Paul Henderson/ Chilliwack Progress)
B.C. VOTES 2020: 380,000 British Columbians head to polls in first 4 days of advance voting

Some of highest voter turnout so far has been seen on Vancouver Island and in Shuswap

Grant and Barbara Howse, in quarantine in Invermere. Mike Turner photo
Denied entry into U.S., Kootenay couple still forced to quarantine for 2 weeks

The rules around crossing the U.S. border led to a bizarre situation for an Invermere couple

Most Read