Planning your estate
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- Estate planning
- Wills and mandate in case of incapacity
- Setting up a trust
- Estate settlement
- Permanent life insurance
- Planned giving
Wills and mandate in case of incapacity
Everyone should take the time to draw up a will and a mandate in case of incapacity
Will
When there is no will, the deceased's assets are summarily divided in accordance with the law.
If you leave this world without a will:
- your common-law spouse is excluded from the estate
- your assets are divided according to the Civil Code of Quebec
- your heirs are also determined according to this law
- a large portion of your assets could end up going to the taxman
It is best if you decide for yourself which assets will be left to your loved ones.
Mandate in case of incapacity
Everyone is at risk of having an accident, an illness or disability that could interfere with earning an income, paying bills and tracking investments.
It is widely believed that a power of attorney is all it takes to name a person to take care of these duties if an accident or illness occurs, yet:
- a power of attorney is not valid when the signer is declared incapacitated
- to choose a person to act on your behalf, you need a mandate in case of incapacity
