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

Limited edition light weight starter disc frisbee golf sets from Raptor’s Knoll are for sale. (Special to The Star)
Construction begins on community pavilion at Aldergrove’s ‘booming” Frisbee golf course

Co-founder says Raptors Knoll gets so busy with players, a second course would get completely filled

The Schoolmistress is a Victorian farce from 1886. (Theatre in the Valley/Special to the Langley Advance Times)
Schoolmistress brings Victorian farce to Langley’s livestreamed theatre

A Zoom production of the popular 1886 play will be held this March

Trent Miner is returning to the Vancouver Giants, the team announced. He has been released by the Colorado Eagles of the AHL.(Rik Fedyck/Vancouver Giants)
Trent Miner returns to play goal for Vancouver Giants

Netminder was part of epic 11-game winning-streak by Langley-based team

Vehicles lined up at the testing clinic at KPU’s Langley parking lot on Wednesday, Feb. 17. The site is also giving vaccinations to seniors 90 and over starting next week. (Langley Advance Times files)
KPU testing site will also host Langley mass vaccination clinic

Drive-through vaccinations will be available for those 90 and over next week

Langley native Tamara Lovelace has been named to the Team USA medical team for the Beijing Winter Olympics in 2022 (Special to Langley Advance Times)
How a ‘very focused’ Brookswood Secondary grad ended up a Team USA doctor

Langley’s Tamara Lovelace was going to be a ballerina

(The Canadian Press)
‘Worse than Sept. 11, SARS and financial crisis combined’: Tourism industry in crisis

Travel services saw the biggest drop in active businesses with 31 per cent fewer firms operating

Montreal Canadiens right wing Paul Byron (41) fights for control of the puck with Vancouver Canucks defenceman Quinn Hughes (43) during first period NHL action in Vancouver, Monday, March 8, 2021. THE CANADIAN PRESS/Jonathan Hayward
Captain Clutch: Horvat nets shootout winner as Canucks edge Habs 2-1

Vancouver, Montreal tangle again on Wednesday

A special committee has been appointed to look at reforming B.C.’s police act and is inviting the public to make submissions until April 30, 2021. (Black Press media file)
Have thoughts on B.C.’s review of the provincial Police Act?

Submissions will be accepted until April 30

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Cottonwoods Care Home in Kelowna. (Google Maps)
New COVID-19 outbreak at Kelowna care home includes fully vaccinated seniors: Henry

Two staff and 10 residents tested positive at Cottonwoods Care Centre

Excerpts from a conversation between Bria Fisher and the fake truLOCAL job. Fisher had signed a job agreement and was prepared to start work for what she thought was truLOCAL before she learned it was a scam. (Contributed)
B.C. woman warning others after losing $3,000 in job scam

Bria Fisher was hired by what she thought was a Canadian company, only to be out thousands

Some of the hundreds of pounds of trash removed by divers last month from Abbotsford’s Walmsley Lake.(Henry Wang photo)
VIDEO: Divers remove 462 pounds of trash from Abbotsford lake

Walmsley Lake dive uncovers several tires, hundreds of drink containers and a tent

Provincial health officer Dr. Bonnie Henry and Health Minister Adrian Dix provide a regular update on the COVID-19 situation, B.C. legislature, March 2, 2020. (B.C. government)
B.C.’s COVID-19 cases: 545 Saturday, 532 Sunday, 385 Monday

Focus on Prince Rupert, Lower Mainland large workplaces

Most Read