Seniors experiencing a loss of autonomy
Succession planning
Have you given any thought to what will happen after your death? Succession planning can help prevent problems, increase the value of your assets and assess your family and financial situations.
How to plan your succession
The main steps are to:
- Gather your official documents and make a list of your property and debts.
- Write a will to make your wishes known.
- Learn about your options for tax planning and life insurance.
Succession plans can change. It’s a good idea to review it whenever an important event happens in your life.
It’s also a good practice to consult a legal professional every three to five years to make sure that there aren’t changes to the law that might affect your succession plan.
Why you should make a will
Making a will lets you decide who will receive your property after you die. If you don’t have a will, the law will decide who your property goes to.
For example, if you don’t have a will and you’re married with children, your spouse will inherit one third of your property and your children will inherit the other two thirds in equal shares. In this scenario, neither your parents nor your siblings will inherit your property.
Additionally, if you don’t have a will and you’re in a de facto relationship, your spouse won’t inherit anything. In other words, they won’t have any rights to your property or other assets.
However, certain laws may provide your de facto spouse with some rights.
Professionals who can help
Succession planning can be long and complicated. Fortunately, several professionals are available to help.
Notaries are succession experts. They can help you identify your goals and draw up various documents, such as a will and a protection mandate.
Keep in mind that wills made before a notary take effect when you die. Other types of wills must be validated by a notary or a court before they take effect.
Lawyers can also help you draw up certain legal documents. They provide legal advice, which can help prevent conflicts after you die.
Financial planners look after the financial aspects of succession planning. They can give advice on taxes and risk management for example.
A good time to plan for incapacity
In addition to succession, consider planning for incapacity. You can already make arrangements in the event that you become unable to take care of yourself or your property. You can do this by preparing what’s called a “protection mandate.”
An error has occured. Please try again later.
Was the content helpful?
WARNING
The information presented on this page is not a legal opinion or legal advice. This page explains in a general way the law that applies in Quebec. To obtain a legal opinion or legal advice on your personal situation, consult a legal professional.