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

Emily Harris (centre) started the in-person Monarch Moms meet-up groups in July, when it was much easier to physical distance in outdoor spaces. Harris started the group as a source of connection for women navigating the ups and downs of having a baby during a pandemic. (Nina Grossman/News Staff)
Victoria new mom group navigates challenges of motherhood in a pandemic

Monarch Moms meet once a week for physically-distanced connection

Police closed McNeill Avenue after a workplace death Oct. 20, 2020. (Nina Grossman/News Staff)
Tree-pruning community gathers in Oak Bay after tragic death

Crews met in solidarity at site of Tuesday incident

A bear similar to this black bear was spotted on Elk Lake Drive again on Oct. 21 and is believed responsible for killing a llama in Saanich on Oct. 19. (Black Press Media file photo)
Search continues for bear wandering through Saanich

Bear spotted eating garbage near Elk Lake Wednesday, B.C. Conservation says

Some 30 people including a dozen youth participated in North Saanich’s first ever Fridays for Future protest outside of municipal hall on Mills Road Friday, according to organizers. (Anne-Marie Daniel/Submitted)
Fridays for Future plans second event for North Saanich after inaugural protest

Some 30 people attended first protest on Oct. 9 with a second one scheduled for Oct. 23

Provincial health officer Dr. Bonnie Henry presents modelling of COVID-19 spread in B.C., March 25, 2020. (B.C. government photo)
B.C. sets another COVID-19 record with 203 new cases

up to 1,766 active cases in B.C., two more deaths

Advance polls are open from Oct. 15 to 21 with election day on Oct. 24. (Black Press Media file photo)
RCMP. (Phil McLachlan - Black Press Media)
British Columbia man dies during ski trip near glacier west of Calgary

Kananaskis Public Safety and Alpine Helicopters responded around 2:30 p.m.

Prime Minister Justin Trudeau arrives on Parliament Hill in Ottawa on Monday, Oct. 19, 2020, following a week-long break for the House of Commons. THE CANADIAN PRESS/Sean Kilpatrick
One crisis after another for Trudeau since last federal election one year ago

It has been a year of unprecedented calamity and crisis

Members of the Sipekne’katik First Nation load lobster traps on the wharf in Saulnierville, N.S., after launching its own self-regulated fishery on Thursday, Sept. 17, 2020. THE CANADIAN PRESS/Andrew Vaughan
Vancouver Island First Nations back Nova Scotia’s Indigenous lobster fishermen

Nuu-chah-nulth Tribal Council calls for action before lives are lost

Skiers line up to start the Royal LePage Comox Valley Snow to Surf Adventure Relay Race. Photo by Tim Penney
Popular Comox Valley adventure race cancelled for 2021

COVID forces Comox Valley Royal LePage Snow to Surf Adventure Relay Race cancellation again

Rio Tinto Alcan’s aluminum smelter at Kitimat competes against producers in the Middle East and Russia that have no carbon tax. (Rio Tinto)
B.C. carbon tax highest in Canada, export industries unprotected

B.C. NDP, B.C. Liberals say they’re looking at exemptions

(Pixabay)
Vancouver teacher suspended after swearing, touching students and complimenting underwear

McCabe touched students, including rubbing their backs and necks, touching their hair and hugging them

Most Read