Ask the Expert: Wills and Estate Planning (2018)

In this webinar on Estate Planning, Mary-Jane Wilson, a lawyer from Wilson Rasmussen LLP law firm, stressed the need for legal advice when making a will. She outlined the benefits of will-making, including choosing recipients, setting up trusts, and leaving gifts. Mary-Jane cautioned against DIY kits due to potential errors. The talk covered probate complexities, will validity, and Canadian tax implications.

Mary-Jane discussed exemptions, like the principal residence, from capital gains tax and income tax obligations for non-spousal RRSP and RRIF beneficiaries. Planning for incapacity and court powers to amend wills were also emphasized.

The presentation explored estate considerations, such as capital gains on property transfers to children, maximum executor fees, advantages of contingent beneficiaries, limitations on contesting wills, powers of attorney, life income fund taxation, and age restrictions for grandchildren's inheritance.

**Disclaimer: These sessions are designed to provide general education and are not intended for individual advice and/or clinical care. The information conveyed in this recording was accurate at the time of presentation.**