Rules in Canada:
Under Canadian law, the deceased’s assets will not be transferred to the person he or she wishes without a will, and even the administration of the deceased’s property will be very complicated. The deceased to distribute property. In the absence of heirs, all property and assets of the deceased will be confiscated in favor of the government.
The notion that all property and assets are automatically transferred to your spouse after death is wrong. Without a will, the court will rule according to local law and may transfer some of the deceased’s assets to the children and distribute the rest.
Intestinal succession law is the name of a law passed in Canada in this case.
Failure to prepare a will before death will have very bad consequences for the survivors. So consult your family lawyers and take the necessary steps to prepare and register it.
Avoid registering and arranging joint wills between spouses, because if one of the parties requests changes in the text of the will, he will face problems, because the main provisions of the will are binding and there is no way to change it. Try to register the will individually and separately.
Your testamentary will:
The guardian follows the instructions of the will and makes sure that all your decisions, whatever they may be, are carried out. This person will also be responsible for paying your final taxes and debts, dividing your assets, and closing your accounts. Many people usually choose a trusted friend or acquaintance for this job, but it can also be left to a lawyer. Financial advisers can not be hired, as this may be considered a conflict of interest.
Authorized Representative:
One to take care of finances and the other to take care of health needs. (Usually both tasks are not left to one person.) These people do exactly the same thing as a guardian, but only get involved when you have been disqualified.
The full financial representative will also be able to manage your investments and settle your debts on your behalf. The authorized health representative will decide on any treatment or surgery you may need, as well as whether or not you will be disconnected from vital hospital equipment.
Choosing a guardian through a will:
If you have children under the age of 18, you should choose someone to take care of them if something happens to you. You certainly do not want the court to decide who your children stay with. Choose a trusted friend or acquaintance who has similar values to you, and of course, if your children are old enough, you can consult with them.
Division of property by the government:
If you do not have a will, the government will decide what goes to whom. In most cases, $ 200,000 of the deceased’s assets will go to his or her spouse first. The rest is then divided between the parents and the children.
The will must be up to date:
Changes that occur in your family should also be reflected in your will. Be sure to update or at least review your will after any major event in your life, such as divorce, birth, death, or financial change.
