1
00:00:00,354 --> 00:00:05,819
The topics discussed in this episode of Power to Heal are intended for educational
purposes only.

2
00:00:05,819 --> 00:00:10,022
Please consult the lawyer to discuss your individual estate planning needs.

3
00:00:21,038 --> 00:00:23,499
I always say that estate planning is for everyone.

4
00:00:23,499 --> 00:00:31,242
That's because at the end of the day, no one lives forever and anyone can experience an
accident or illness that renders them incapable.

5
00:00:31,242 --> 00:00:35,404
It's something that too many people put off until sadly it's too late.

6
00:00:35,404 --> 00:00:41,086
And without it, your hopes of leaving a thoughtful legacy for your loved ones might never
be realized.

7
00:00:42,167 --> 00:00:44,307
It is a properly crafted will.

8
00:00:44,307 --> 00:00:51,190
Your final statement on what should happen to the assets and financial resources you've
accumulated by the end of your life.

9
00:00:51,202 --> 00:01:01,289
But even beyond that, your will can continue to make an impact long after your passing,
especially when you include a legacy gift to a charitable organization that reflects the

10
00:01:01,289 --> 00:01:03,751
causes you care about the most.

11
00:01:03,751 --> 00:01:13,430
In this episode of Power to Heal, we'll help demystify what goes into planning your
estate, why preparing a will isn't just for older people,

12
00:01:13,430 --> 00:01:21,549
and how sometimes bad things can happen when your good intentions aren't captured in a
clearly written will and estate plan.

13
00:01:30,382 --> 00:01:32,602
This is the power to heal.

14
00:01:32,943 --> 00:01:42,716
In this series of podcasts, we'll focus on the many innovative ways PeaceArch Hospital,
located in White Rock, British Columbia, Canada, has been an integral part of its

15
00:01:42,716 --> 00:01:43,626
community.

16
00:01:43,626 --> 00:01:53,059
We'll take you behind the scenes of the hospital's dynamic fundraising arm and talk to
those who are instrumental in creating new initiatives to help this important healthcare

17
00:01:53,059 --> 00:01:57,190
facility grow and evolve along with the town it serves.

18
00:02:05,014 --> 00:02:12,597
In today's fast-paced world, it often feels like everything and anything has the potential
to be disrupted in an instant.

19
00:02:12,597 --> 00:02:22,561
And in much the same way we would prepare for a long outdoor adventure trip, our journey
through life can seem a little less uncertain when we make a thoughtful estate plan sooner

20
00:02:22,561 --> 00:02:24,062
rather than later.

21
00:02:24,202 --> 00:02:28,924
For younger people especially, this may all seem a bit premature.

22
00:02:28,924 --> 00:02:34,360
But stop and think about what would happen if tragedy or illness struck and your life was
cut short.

23
00:02:34,360 --> 00:02:40,133
who would take care of your children or your pets or any business ventures you're involved
in.

24
00:02:40,193 --> 00:02:47,156
The importance of putting your final wishes into writing is something our guest,
Cleveland, knows all about.

25
00:02:47,156 --> 00:02:58,032
She's a lawyer who specializes in wills and estate planning, and as you'll hear, has a
deep connection with Peace Arch Hospital that extends beyond her role as vice chair of its

26
00:02:58,032 --> 00:02:59,242
foundation.

27
00:02:59,404 --> 00:03:05,917
Joining Grace is Selena Lai, the Hospital Foundation's philanthropy officer for Legacy
Giving.

28
00:03:05,917 --> 00:03:17,562
Grace and Selena spoke with the Power to Heal host Lance Peverly, a journalist and former
editor of the Peacearch News and a longtime resident of White Rock, South Surrey.

29
00:03:17,702 --> 00:03:22,944
Grace, I've been so looking forward to this conversation, as it's a topic I avoided till
far too late in life.

30
00:03:22,944 --> 00:03:27,436
I was a father of three, well into middle age, suddenly single, and I had no will.

31
00:03:27,436 --> 00:03:31,447
Before we get into the specifics of estate planning, want to ask, am I a rarity?

32
00:03:31,447 --> 00:03:33,348
Are most people far more organized?

33
00:03:33,348 --> 00:03:36,889
Do they create a will in a timely fashion and plan for the inevitable?

34
00:03:36,889 --> 00:03:38,129
You are not alone.

35
00:03:38,129 --> 00:03:43,611
In fact, there are more Canadians without a will than Canadians with a will.

36
00:03:43,611 --> 00:03:48,572
So the good news is, it's never too late to get started.

37
00:03:48,572 --> 00:03:54,754
Well, I have a feeling this is a conversation for all of us, whether we'll be able to
leave a large estate or for those just getting by.

38
00:03:54,754 --> 00:03:57,456
but who want to ensure reduced stress for their loved ones.

39
00:03:57,456 --> 00:04:04,542
Although we're talking today about something that will impact everyone at some point in
their lives, your own story, like mine, has a very specific connection to not only White

40
00:04:04,542 --> 00:04:06,163
Rock, but Peace Arch Hospital.

41
00:04:06,163 --> 00:04:07,545
I understand you were born there.

42
00:04:07,545 --> 00:04:11,968
I certainly was, and I also grew up just a few blocks away.

43
00:04:11,968 --> 00:04:19,804
I did leave town for a while to attend university, but it was always my plan to come back
as soon as possible.

44
00:04:19,916 --> 00:04:26,268
And then about a year ago, I gave birth to my daughter at the Peace Arch Hospital.

45
00:04:26,489 --> 00:04:27,519
Yes, thank you.

46
00:04:27,519 --> 00:04:31,371
And I'm just so excited for her to grow up on the peninsula like I did.

47
00:04:31,371 --> 00:04:34,392
It's a pretty special place to call home.

48
00:04:34,392 --> 00:04:42,645
Well, I'm told that another early connection to the local community was your experience
working in your father's White Rock Law Office and your journey towards becoming a lawyer

49
00:04:42,645 --> 00:04:44,696
specializing in wills and estates.

50
00:04:44,696 --> 00:04:49,100
So I always thought that I would

51
00:04:49,100 --> 00:04:52,932
work in White Rock, but I didn't know that I would be a lawyer.

52
00:04:52,932 --> 00:04:59,925
And I started out at the office as a receptionist and a legal assistant before I decided
that, I could do this.

53
00:04:59,925 --> 00:05:01,416
I'm going to go get a law degree.

54
00:05:01,416 --> 00:05:06,818
What was it specifically about estate planning that attracted you as opposed to say,
criminal law or corporate law?

55
00:05:06,818 --> 00:05:15,886
There's a lot to love about wills and estates, but the best part for me is that I get to
work with people from all walks of life and often multiple generations of families.

56
00:05:15,886 --> 00:05:19,246
and helping to provide them with a service that they really need.

57
00:05:19,246 --> 00:05:23,186
Sometimes people are coming when they've already experienced a loss.

58
00:05:23,186 --> 00:05:27,686
Sometimes they're coming because they're anticipating one will be coming soon.

59
00:05:27,686 --> 00:05:37,806
Whatever the case may be, I like to be there for my clients to help them through tough
times and help them avoid tougher times with proper planning.

60
00:05:44,426 --> 00:05:47,027
In my 20s, wasn't too concerned about dying.

61
00:05:47,027 --> 00:05:56,671
In my 30s, I had my first child and I had my first brush with cancer and I assumed that if
I died, my children and spouse would simply get everything without really needing a will.

62
00:05:56,671 --> 00:06:01,153
In your work, I understand you stress the importance of having a will, even for young
families.

63
00:06:01,153 --> 00:06:06,015
How do you go about convincing people in their 20s and 30s that estate planning is not
just for older people?

64
00:06:06,015 --> 00:06:12,938
When people die without a will in place, there's legislation that provides exactly what
happens.

65
00:06:13,002 --> 00:06:20,984
And the problem is it's often not what you think will happen and many times not what you
would like to happen.

66
00:06:21,184 --> 00:06:25,546
So for young families, that's often a big surprise.

67
00:06:25,546 --> 00:06:32,287
You would expect that everything would go to the surviving spouse, but in fact, that's not
the case.

68
00:06:32,368 --> 00:06:41,780
The surviving spouse only receives a preferential share of the estate and the balance is
divided between them and the children.

69
00:06:41,932 --> 00:06:47,904
with the children's share being held and controlled by the public guardian and trustee.

70
00:06:48,025 --> 00:06:59,269
This can be pretty brutal when it means that the spouse is not left with enough to even
keep the family home in place.

71
00:06:59,730 --> 00:07:07,553
Obviously that situation would only worsen if we're dealing with both parents having
passed with no will in place.

72
00:07:07,553 --> 00:07:10,274
So failing to plan

73
00:07:10,292 --> 00:07:13,764
is really, in a sense, planning to fail.

74
00:07:13,764 --> 00:07:19,827
And when young children are involved, the effects can be pretty heartbreaking.

75
00:07:19,887 --> 00:07:27,691
The legal processes that occur when you pass away or when you lose capacity don't change
based on age or affluence.

76
00:07:27,912 --> 00:07:37,316
And with all of this in mind, I find that most of my clients, regardless of age, tend to
agree that a basic estate plan is something that all of us should have in place.

77
00:07:37,477 --> 00:07:40,044
Now, when it comes to families with young children,

78
00:07:40,044 --> 00:07:41,954
This couldn't be more true.

79
00:07:42,035 --> 00:07:52,107
That's because a will not only allows you to choose guardians for your children, but also
to create personalized trust provisions with respect to their inheritance, all of which

80
00:07:52,107 --> 00:07:54,838
keeps you in the driver's seat even when you are gone.

81
00:07:54,838 --> 00:07:58,109
I'll share a personal experience I went through about eight years ago.

82
00:07:58,109 --> 00:08:06,041
My best friend died suddenly, had no children, but he was a loving uncle with siblings and
older parents, and he died without a will.

83
00:08:06,041 --> 00:08:10,322
I ended up being asked to be his administrator by his family and I was legally appointed.

84
00:08:10,582 --> 00:08:11,592
I was very lucky.

85
00:08:11,592 --> 00:08:14,283
Nobody challenged me or gave me pressure of any kind.

86
00:08:14,283 --> 00:08:17,844
And when I consulted mutual friends, all seemed to be on the same page.

87
00:08:17,844 --> 00:08:26,936
I'm told this is rare and it's all too common for families to be embroiled in bitter legal
disputes over estates that either poorly planned or like my friend where no wills exist at

88
00:08:26,936 --> 00:08:27,706
all.

89
00:08:27,706 --> 00:08:28,846
Is this true?

90
00:08:28,846 --> 00:08:30,867
It's sadly very true.

91
00:08:30,867 --> 00:08:40,320
I've seen entire estates eaten up by the lawyers' fees over lengthy court battles,
sometimes over one heirloom.

92
00:08:40,320 --> 00:08:42,451
or one piece of property.

93
00:08:42,451 --> 00:08:55,489
I've also seen estranged family members that inherit everything rather than the deceased
person's favorite niece or their lifelong friend or even their charity of choice.

94
00:08:55,489 --> 00:09:04,305
So it can be pretty tragic when someone has failed to plan and everything falls apart.

95
00:09:04,305 --> 00:09:06,906
So that's why sometimes we say,

96
00:09:07,082 --> 00:09:17,149
Either you spend the time now to get your affairs in order or someone else is going to
have to spend a lot more time and a lot more money in the future cleaning up the mess that

97
00:09:17,149 --> 00:09:19,882
you often inadvertently left behind.

98
00:09:19,882 --> 00:09:28,118
Now, a lawyer by definition has to take the side of their client in the dispute, but the
judge or the mediator can be a bit more even handed.

99
00:09:28,118 --> 00:09:31,660
But does our legal system accomplish justice in the end?

100
00:09:31,660 --> 00:09:34,296
Every time you go to court, I think

101
00:09:34,296 --> 00:09:36,297
people can agree that it's a dice roll.

102
00:09:36,297 --> 00:09:38,979
You don't know who you're going to end up in front of.

103
00:09:38,979 --> 00:09:42,111
You don't know how long it's going to take to get there.

104
00:09:42,111 --> 00:09:51,248
And judges like people are sometimes coming to a given file, you know, with their own
biases.

105
00:09:51,248 --> 00:09:56,421
So realistically, going to court should be everyone's last option.

106
00:09:56,421 --> 00:10:00,784
It's hugely expensive and there is no guaranteed outcome.

107
00:10:00,784 --> 00:10:03,726
I think what you're telling me very clearly here is that you...

108
00:10:03,726 --> 00:10:06,006
Whatever stage in life we're at, we've got to think about it.

109
00:10:06,006 --> 00:10:08,566
We've got to consider this and deal with it appropriately.

110
00:10:08,566 --> 00:10:11,526
I always say that estate planning is for everyone.

111
00:10:11,526 --> 00:10:18,806
That's because at the end of the day, no one lives forever and anyone can experience an
accident or illness that renders them incapable.

112
00:10:18,806 --> 00:10:27,126
If tragedy strikes and you have your documents in place, your people can step in
immediately and with ease to do what needs to be done.

113
00:10:27,126 --> 00:10:32,226
If not, the process becomes significantly more complicated and costly.

114
00:10:34,038 --> 00:10:39,560
Are you part of the one quarter of Canadians who say they're too young to worry about
preparing a will?

115
00:10:39,560 --> 00:10:45,142
Or the 51 % of adults in this country who don't have a last will and testament in place?

116
00:10:45,262 --> 00:10:53,124
If those statistics from a 2017 Angus Reed Institute survey don't seem worrying enough,
then consider this.

117
00:10:53,124 --> 00:10:58,252
Only one third of respondents to the study claim to have an up-to-date estate plan.

118
00:10:58,252 --> 00:11:08,412
And while these numbers starkly outline how many people haven't had a will written, the
reasons why so many Canadians are reluctant to do so is more complex.

119
00:11:08,433 --> 00:11:18,563
In addition to those who say they're simply too young to concern themselves with estate
planning, Canadians also cited a lack of assets, the expense of preparing a will, a

120
00:11:18,563 --> 00:11:22,142
reluctance to discuss personal details with a stranger.

121
00:11:22,142 --> 00:11:29,962
and an unwillingness to think about their own mortality as reasons for not having their
final wishes formally written down.

122
00:11:37,144 --> 00:11:43,900
When planning our estates, it can also include leaving gifts for causes and organizations
that are meaningful to us.

123
00:11:43,900 --> 00:11:48,684
Today, it seems like more young people than ever have an engagement in issues affecting
our communities.

124
00:11:48,684 --> 00:11:53,869
When you bring up the topic of legacy giving with your clients, do you find many are
receptive to this idea?

125
00:11:53,869 --> 00:12:02,096
When it comes to my younger clients, I find that they're raising the idea of charitable
giving before I even have a chance to bring it up.

126
00:12:02,096 --> 00:12:04,642
But I have to say that regardless of age,

127
00:12:04,642 --> 00:12:08,284
most of my clients do have a desire to make a difference.

128
00:12:08,284 --> 00:12:17,768
And more often than not, it seems like people choose to support something local that they
or their loved ones can see and enjoy in real time.

129
00:12:17,768 --> 00:12:31,133
So I don't know if that speaks more to the generosity of our community or more to the
trust that people have in our local charitable entities, but it's definitely a growing

130
00:12:31,133 --> 00:12:32,578
trend of giving back.

131
00:12:32,578 --> 00:12:35,079
that's pretty inspiring to see.

132
00:12:35,079 --> 00:12:40,603
There's also a practical side to this, so tax advantages or other timely benefits to
consider?

133
00:12:40,603 --> 00:12:51,639
It's really a win-win when you make a gift to a registered charity through your will,
because it entitles your estate to a tax credit that can offset or entirely eliminate the

134
00:12:51,639 --> 00:12:53,770
taxes triggered by your death.

135
00:12:53,770 --> 00:13:01,824
So instead of giving money to the CRA when you are gone, you can give it to the charitable
organizations whose work matters most to you.

136
00:13:01,966 --> 00:13:04,286
I'd like to bring Selena Lai into the conversation.

137
00:13:04,286 --> 00:13:08,786
She's the philanthropy officer for Legacy Giving with Peace Arch Hospital Foundation.

138
00:13:08,926 --> 00:13:10,346
Selena, what is a Legacy Gift?

139
00:13:10,346 --> 00:13:12,986
Is it money or assets or something else?

140
00:13:12,986 --> 00:13:18,766
A Legacy Gift is a charitable gift that someone may consider when they are in the process
of estate planning.

141
00:13:18,946 --> 00:13:25,426
Most commonly, this is made as a gift in the will, as a cash request, or a residual
percentage of an estate.

142
00:13:25,666 --> 00:13:29,600
However, a Legacy Gift can also be made by designating the charity

143
00:13:29,600 --> 00:13:37,013
as a beneficiary of an insurance policy, RRSP or RIF, donating securities or even gifting
a home.

144
00:13:37,033 --> 00:13:40,895
All of these ways of giving can help minimize taxes for the estate.

145
00:13:40,975 --> 00:13:46,537
When people leave legacy gifts for the Foundation, can they ask that they be directed in a
specific way?

146
00:13:46,537 --> 00:13:54,671
Certainly, when people are interested in leaving a legacy gift for the Foundation, I
appreciate having the opportunity to get to know the individual and understand their

147
00:13:54,671 --> 00:13:56,081
connection to the hospital.

148
00:13:56,081 --> 00:13:58,210
Having these conversations ahead of time

149
00:13:58,210 --> 00:14:06,642
helps guide us to understand how someone may want to have their legacy gift used in the
future and if they would like to receive any recognition as part of leaving a legacy to

150
00:14:06,642 --> 00:14:08,493
the hospital and the community.

151
00:14:08,493 --> 00:14:15,875
For those who aren't particularly sure which way they want to leave it, what do you
recommend in terms of maximum impact on health care for the community?

152
00:14:15,875 --> 00:14:24,518
In general, as we never know when these legacy gifts are going to be realized in the
future, I highly recommend people to designate their gifts towards our area of greatest

153
00:14:24,518 --> 00:14:26,518
need fund in their will.

154
00:14:26,722 --> 00:14:35,264
That way they can be assured that their gift will be going towards what is most urgently
needed by the hospital and the community at the time when the gift comes in.

155
00:14:35,765 --> 00:14:43,807
One example of how legacy gifts can help us when they are designated to the area of
greatest need is when we were renovating our emergency department.

156
00:14:44,047 --> 00:14:53,270
It was during the height of COVID and it became apparent that we needed to have spaces and
tea rooms that could help better maintain infection control standards for patients and

157
00:14:53,270 --> 00:14:54,616
staff in the ER.

158
00:14:54,978 --> 00:15:04,322
Because we had legacy funds for the area of greatest need, we were able to build these
anti-rooms for infection control right away as the existing renovations were taking place.

159
00:15:04,322 --> 00:15:11,445
If we had gone out to the community to fundraise for these urgently needed anti-rooms, we
wouldn't have been able to get these spaces built in time.

160
00:15:11,445 --> 00:15:13,966
That doesn't sound like something we could have thought of ahead of time.

161
00:15:13,966 --> 00:15:16,667
You couldn't plan for that five years ahead or anything.

162
00:15:16,667 --> 00:15:18,018
No, no, absolutely.

163
00:15:18,018 --> 00:15:23,202
So that's why having those funds available in the area of greatest need really helps us.

164
00:15:23,202 --> 00:15:26,274
to use those funds when we need it at that time.

165
00:15:26,274 --> 00:15:30,466
Are there any other examples of areas of greatest need that have popped up unexpectedly?

166
00:15:30,466 --> 00:15:37,310
Certainly during COVID as well, we purchased a number of pieces of equipment that helped
with the cleanliness of the hospital.

167
00:15:37,310 --> 00:15:43,003
So those pieces of equipment, we couldn't have anticipated without knowing that COVID
would be happening.

168
00:15:43,003 --> 00:15:48,116
Now, when people choose a specific direction for their gift, can you give some examples of
what they might choose?

169
00:15:48,116 --> 00:15:52,518
Certainly if there is a department that they are very connected to,

170
00:15:52,830 --> 00:15:55,251
if their loved one was very passionate about.

171
00:15:55,251 --> 00:15:57,292
We respect those decisions.

172
00:15:57,292 --> 00:16:01,234
But with that, we don't know when those funds are going to come in.

173
00:16:01,274 --> 00:16:10,979
And it could be that if someone, you know, 10 years ago really wanted to support the
emergency department, that's great because we were able to put those funds to good use

174
00:16:10,979 --> 00:16:13,820
when we had the emergency department renovated.

175
00:16:13,820 --> 00:16:18,922
But if someone today were to want to designate their funds to the emergency department,

176
00:16:19,072 --> 00:16:27,768
It's already been renovated, so we wouldn't be able to put those funds to as best use as
we could have if we had needed it at that time.

177
00:16:37,134 --> 00:16:39,896
Grace, we've talked a little about Peaceheart Hospital being close to your heart.

178
00:16:39,896 --> 00:16:44,439
You were born there and you're now vice chair of the Hospital Foundations Board of
Directors.

179
00:16:44,439 --> 00:16:46,760
How has the hospital affected you on a personal level?

180
00:16:46,760 --> 00:16:57,147
Well, just last year when I went in to have my baby, it turned out to be a little more
challenging than I had anticipated.

181
00:16:58,068 --> 00:17:06,793
I'll never forget the sound of the vital signs monitor going crazy or the fear that took
over my body when I realized she was in distress.

182
00:17:07,288 --> 00:17:12,742
Her lungs filled with fluid during birth and so she came out unable to breathe.

183
00:17:12,902 --> 00:17:23,751
Fortunately, there is an incredible medical team at the Peace Arch Maternity Ward and they
worked on her tirelessly with an aspirator, a ventilator and all sorts of equipment for

184
00:17:23,751 --> 00:17:25,432
what felt like forever.

185
00:17:25,432 --> 00:17:33,708
Eventually, they were able to get her breathing and although she had to spend the next few
days in and out of an incubator under pediatric supervision,

186
00:17:33,868 --> 00:17:41,064
I'm so grateful to be able to say that my daughter survived thanks to the amazing doctors
and nurses at PeaceArch.

187
00:17:41,064 --> 00:17:48,030
I'm sorry you went through that, but it sounds like just a wonderful turnout from how it
worked.

188
00:17:48,030 --> 00:17:52,814
You must have been in quite the panic and maybe not yourself during that period.

189
00:17:52,814 --> 00:17:54,955
That's putting it lightly.

190
00:17:55,136 --> 00:17:58,139
was definitely a terrifying ordeal.

191
00:17:58,139 --> 00:18:02,530
We're grateful to know that you and your daughter got through that frightening time and
today are doing fine.

192
00:18:02,530 --> 00:18:10,757
Did this experience in any way solidify your appreciation of having a healthcare facility
like Peace Arch Hospital in the community and for the generous donors who ensure quality

193
00:18:10,757 --> 00:18:12,039
healthcare is close at hand?

194
00:18:12,039 --> 00:18:21,097
The entire experience was a major reminder of how lucky we are to have our own community
hospital and how important the work being done by the Peace Arch Hospital Foundation

195
00:18:21,097 --> 00:18:22,287
really is.

196
00:18:22,448 --> 00:18:29,874
Our donors' contributions ensure that our medical professionals have the facilities and
equipment they need to do their job.

197
00:18:30,104 --> 00:18:35,015
They ensure that our hospital is and continues to be the best it can be.

198
00:18:35,015 --> 00:18:39,556
Without them, my daughter's story might have had a different ending.

199
00:18:39,637 --> 00:18:51,480
So as a patient, new mom, and vice chair, I'd like to extend my heartfelt gratitude to
each and every one of our donors for their life-saving gifts.

200
00:18:51,680 --> 00:18:55,101
Selena, how important are legacy gifts to the Hospital Foundation?

201
00:18:55,101 --> 00:18:57,822
Do they form a significant part of your fundraising efforts?

202
00:18:57,822 --> 00:18:59,244
Yes, absolutely.

203
00:18:59,244 --> 00:19:05,677
This past fiscal year, the estate gifts we received made up 40 % of the Foundation's
fundraising revenue.

204
00:19:05,878 --> 00:19:11,561
While this number will fluctuate year over year, the collective power of legacy giving is
evident.

205
00:19:11,601 --> 00:19:17,884
Many people are able to leave a legacy gift that is much greater than what they might be
able to give during their lifetime.

206
00:19:18,085 --> 00:19:25,529
Even after leaving money in the will for family, a gift of 1 or 5 % of the residual assets
from an estate can be quite significant.

207
00:19:25,529 --> 00:19:28,278
These gifts also provide the Foundation with revenue.

208
00:19:28,278 --> 00:19:31,336
as we consider our future fundraising plans and projects.

209
00:19:33,972 --> 00:19:43,208
Legacy Giving, also known as Planned Giving, is a donation made through your will toward a
charitable cause that mattered to you during your lifetime.

210
00:19:43,208 --> 00:19:54,174
These gifts can include a predetermined amount of cash, specific assets such as land or
publicly traded shares in a company, or a share of the residue of your estate.

211
00:19:54,174 --> 00:20:01,516
According to RBC Wealth Management, Legacy Giving allows you to enjoy the use of your
assets during your lifetime.

212
00:20:01,516 --> 00:20:07,031
knowing that a cause or organization you care about will benefit after your passing.

213
00:20:07,032 --> 00:20:17,681
RBC also notes that some kinds of legacy gifts may offer immediate tax advantages while
you're still alive, such as when you donate a life insurance policy to your chosen

214
00:20:17,681 --> 00:20:18,663
charity.

215
00:20:18,663 --> 00:20:26,280
But whatever option you choose, seeking out professional advice will help ensure your
legacy will be a lasting one.

216
00:20:29,390 --> 00:20:33,453
Grace, assume legacy gifts might come up when older people plan or revise their will.

217
00:20:33,453 --> 00:20:38,066
What are some of the key elements in a will that your younger clients are most surprised
or even shocked to learn about?

218
00:20:38,066 --> 00:20:45,482
Well, a will does so much more than just set out who is to administer your estate and what
their job is to involve.

219
00:20:45,482 --> 00:20:52,047
Often that includes charitable giving or providing instructions for the care of minor
children, as we've discussed.

220
00:20:52,047 --> 00:20:57,270
But a will can also provide controlled funding for adults with a disability.

221
00:20:57,678 --> 00:21:02,061
people with addiction issues, or even our furry friends.

222
00:21:02,282 --> 00:21:14,251
It can provide for distribution of specific pieces of personal property or address gifts
or loans made during a willmaker's lifetime to avoid confusion down the line.

223
00:21:14,672 --> 00:21:25,201
It can even carve out assets from the probate process, like shares in a privately held
corporation, to result in major savings for a given estate.

224
00:21:25,201 --> 00:21:26,624
Wills are

225
00:21:26,624 --> 00:21:35,138
an important part of the conversation, but I also want to note that a will is not the only
thing that I like to remind my clients about.

226
00:21:35,138 --> 00:21:40,240
A complete estate plan also requires planning for potential and capacity.

227
00:21:40,240 --> 00:21:46,502
And that's done in British Columbia with the power of attorney and a healthcare
representation agreement.

228
00:21:46,502 --> 00:21:55,702
These documents say who will manage your property and affairs if you become incapable of
doing so yourself, or who will manage your personal care.

229
00:21:55,702 --> 00:21:59,783
and healthcare decision-making, again, if you're incapable of doing so.

230
00:21:59,783 --> 00:22:04,725
So really these three basic documents cover you for life and death.

231
00:22:04,725 --> 00:22:09,446
Appointing an executor or power of attorney are essential components of estate planning.

232
00:22:09,446 --> 00:22:12,147
What exactly are the roles and who should we ask to fill them?

233
00:22:12,147 --> 00:22:13,867
That's a great question.

234
00:22:13,867 --> 00:22:20,789
And although the same person can act in both roles, there are important distinctions
between the two.

235
00:22:20,969 --> 00:22:23,384
An executor is named in a will.

236
00:22:23,384 --> 00:22:28,476
Their job begins when the willmaker dies and they're responsible for administering the
estate.

237
00:22:28,476 --> 00:22:32,078
On the other hand, an attorney is named in the power of attorney.

238
00:22:32,078 --> 00:22:40,101
Their job will be during that person's lifetime to manage the person's property and
finances if they become incapable.

239
00:22:40,101 --> 00:22:46,564
Choosing a proper or appropriate executor or attorney often boils down to the same thing.

240
00:22:46,564 --> 00:22:49,105
Who would you trust to do the job?

241
00:22:49,105 --> 00:22:52,756
But you also wanna pick people that are capable of acting.

242
00:22:52,770 --> 00:23:03,141
For example, you wouldn't want to name someone who has a history of making poor financial
decisions or someone who might be biased in favor of one or another beneficiary.

243
00:23:03,141 --> 00:23:12,130
Similarly, it's a good rule to avoid naming someone who's quite elderly as they may not be
around when the time comes to act.

244
00:23:12,130 --> 00:23:16,022
Interestingly, it's also important to consider location.

245
00:23:16,022 --> 00:23:27,045
not only from a boots on the ground point of view, but also because there can be negative
tax consequences for you or your estate if your chosen executor or attorney resides

246
00:23:27,045 --> 00:23:28,626
outside of Canada.

247
00:23:28,626 --> 00:23:37,268
There's also a chance that if you choose exactly right and you get all the correct
qualifications that the person may not be available to carry out their duties years later

248
00:23:37,268 --> 00:23:38,249
when they're needed.

249
00:23:38,249 --> 00:23:43,320
Are there any other options to consider such as engaging a trust company to act as your
estate executor?

250
00:23:43,320 --> 00:23:46,731
There are so many good reasons to work with a trust company.

251
00:23:46,731 --> 00:23:56,454
They offer expertise, which really is great for every estate, but especially for those
where a minor or a person with a disability is involved.

252
00:23:56,454 --> 00:24:09,177
Trust companies also offer neutrality, which can go a long way if your beneficiaries
include quarrelsome family members or maybe a sometimes strained blended family situation.

253
00:24:09,177 --> 00:24:11,288
The other thing is trust companies

254
00:24:11,288 --> 00:24:17,660
provide Canadian residency so they can really save the day if all of your loved ones
reside outside of Canada.

255
00:24:17,660 --> 00:24:19,560
Is there a way to combine this?

256
00:24:19,560 --> 00:24:26,202
you name the person that would be absolutely perfect, but if they are no longer available,
that you do have a backup, maybe in a trust company?

257
00:24:26,202 --> 00:24:29,823
Estate planning is all about covering for contingencies.

258
00:24:29,823 --> 00:24:33,404
So I definitely recommend naming a backup.

259
00:24:33,404 --> 00:24:38,355
And if that backup is a trust company, the reality is they're not going to die.

260
00:24:38,355 --> 00:24:40,196
They'll be there to do the job.

261
00:24:40,196 --> 00:24:41,304
If your first

262
00:24:41,304 --> 00:24:42,995
chosen person can't.

263
00:24:42,995 --> 00:24:45,766
Well, the other thing with time is life can be so unpredictable.

264
00:24:45,766 --> 00:24:49,999
Changes to our finances shifting slowly over years or even suddenly.

265
00:24:49,999 --> 00:24:54,201
Beneficiaries may be passing away unexpectedly or maybe their needs are changing.

266
00:24:54,201 --> 00:24:56,342
How often should we review our wills?

267
00:24:56,342 --> 00:24:57,572
That's a great question.

268
00:24:57,572 --> 00:25:02,345
And we say every five years makes sense just for a housekeeping.

269
00:25:02,345 --> 00:25:11,090
Maybe you take a look and nothing changes, but at least you have that peace of mind
knowing that what you have is still going to work.

270
00:25:11,416 --> 00:25:13,527
How about if there are sudden changes in our life?

271
00:25:13,527 --> 00:25:17,806
Like if any of our listeners win the lottery tomorrow, should they be on the phone to
their lawyer?

272
00:25:17,888 --> 00:25:29,551
Yes, I think that regardless of the situation, you want to have your affairs in order
because even though I am a healthy young person, I could get hit by a bus tomorrow.

273
00:25:29,551 --> 00:25:32,952
So you just never know what the future has in store.

274
00:25:32,952 --> 00:25:39,313
And the only real way to prepare for the unexpected is to have your documents in order.

275
00:25:39,313 --> 00:25:41,590
And that basic estate plan

276
00:25:41,590 --> 00:25:54,133
is pretty painless to hammer out and there's no reason why everyone shouldn't have a will,
a power of attorney and a representation agreement tucked away in the drawer so that if

277
00:25:54,133 --> 00:25:56,484
something happens, it's there.

278
00:25:59,406 --> 00:26:00,486
Bye!

279
00:26:06,156 --> 00:26:13,422
Getting back to legacy gifts, first and foremost they're designed to benefit the
organizations and causes that we care about once we pass on.

280
00:26:13,483 --> 00:26:18,587
As we've discussed, they also produce practical results for this state in terms of things
like tax credits.

281
00:26:18,587 --> 00:26:23,371
But are there other more intangible benefits that legacy giving leaves behind for our
loved ones?

282
00:26:23,371 --> 00:26:29,737
I'm thinking in terms of the charitable legacy that we can create to inspire in our
children and grandchildren to follow our example.

283
00:26:29,737 --> 00:26:31,538
I completely agree.

284
00:26:31,616 --> 00:26:39,811
It's important to set a positive example for our children not only in all of the little
things we do each day, but also in terms of the big picture.

285
00:26:39,992 --> 00:26:46,696
I personally feel a responsibility to teach my daughter to try to make the world a little
bit better than she finds it.

286
00:26:46,696 --> 00:26:56,182
And part of that for me means supporting the causes and organizations that are close to my
heart, both while I'm alive and eventually when I'm gone.

287
00:26:56,263 --> 00:27:01,024
At the end of the day, I think we all have more to give than we might realize.

288
00:27:01,024 --> 00:27:03,795
And giving back is really what it's all about.

289
00:27:03,795 --> 00:27:07,536
That's a legacy I encourage us all to leave behind.

290
00:27:07,536 --> 00:27:15,368
To finish up, I'd like to ask Selena if any listeners out there are thinking of making the
Peaceheart Hospital Foundation a beneficiary in their wills, how can they reach out for

291
00:27:15,368 --> 00:27:16,178
more information?

292
00:27:16,178 --> 00:27:25,351
I welcome anyone interested in learning more about legacy giving to give us a call at the
Foundation office or send an email to our team and we'd be happy to provide more

293
00:27:25,351 --> 00:27:28,632
information and discuss the vision for their legacy gift.

294
00:27:28,632 --> 00:27:34,727
So for anyone interested, we can visit our website at pahfoundation.ca.

295
00:27:34,727 --> 00:27:38,250
Grace Cleveland and Sylvia Lai, thank you both for joining us.

296
00:27:38,250 --> 00:27:43,774
I hope our listeners are encouraged to spread the word on both legacy giving and the
importance of planning for their loved ones' future.

297
00:27:43,774 --> 00:27:44,654
Thanks Lance.

298
00:27:44,654 --> 00:27:45,085
Thank you.

299
00:27:45,085 --> 00:27:46,275
Thank you.

300
00:27:47,917 --> 00:27:54,274
The Power to Heal podcast presented by PeaceArch Hospital Foundation in White Rock,
British Columbia

301
00:27:54,274 --> 00:28:04,757
takes you behind the scenes of an innovative hospital foundation and introduces you to the
team who find new and sometimes surprising ways to engage with the local community and

302
00:28:04,757 --> 00:28:08,058
help fund the best healthcare possible in the region.

303
00:28:08,058 --> 00:28:18,061
Since 1988, the foundation has raised over $250 million for capital projects, medical
equipment, and community health programs.

304
00:28:18,061 --> 00:28:21,792
Their passionate and caring team's number one priority

305
00:28:21,792 --> 00:28:33,193
is the prudent stewardship of your gifts and the resulting positive impact on patients and
medical staff at Peace Arch Hospital and the entire White Rock South Surrey community.

306
00:28:33,193 --> 00:28:39,378
Peace Arch Hospital Foundation, where innovation comes to life in so many ways.

307
00:28:45,346 --> 00:28:48,847
The simple act of giving is truly transformational.

308
00:28:48,847 --> 00:28:58,169
Every dollar we receive is enhancing health care in this community, whether it's
supporting our capital infrastructure, the purchase of essential medical equipment, or

309
00:28:58,169 --> 00:29:05,071
funding a wellness program like stroke recovery or a children's club to encourage healthy
habits and active play.

310
00:29:05,331 --> 00:29:14,990
Our wide range of giving options includes monthly donations, an increasingly popular and
convenient choice that makes the greatest impact on your community hospital.

311
00:29:14,990 --> 00:29:17,792
You just sign up once and the rest is automatic.

312
00:29:17,792 --> 00:29:22,395
And that includes receiving a consolidated tax receipt at the end of the year.

313
00:29:22,395 --> 00:29:28,338
But no matter what giving option you choose, it all matters and it all makes a difference.

314
00:29:31,768 --> 00:29:36,685
Be sure to subscribe to Power to Heal wherever you get your favorite podcasts.

315
00:29:36,685 --> 00:29:46,839
Each episode brings you inspiring stories about the Peace Arch Hospital Foundation and its
innovative approach to supporting better healthcare throughout the White Rock South Surrey

316
00:29:46,839 --> 00:29:47,821
community.

317
00:29:47,821 --> 00:29:49,332
Thanks for listening.

318
00:29:51,704 --> 00:29:54,616
Another Everything Podcast production.

319
00:29:55,997 --> 00:30:00,661
Visit everythingpodcast.com, a division of Patterson Media.

320
00:30:00,661 --> 00:30:03,303
Subscribe wherever you get your podcast.