Heritage protection starts by planning the succession.
A will remains a centerpiece to plan succesfully a succession in order to protect your heritage and pass it on to the persons of your choice. A notarial will is much more efficient.
Any doubt ? Have a survey around you. Nothing can be easier. If you want to know more, just pay a visit to funeral services. Listen to what is said around you. Many fiction writers could find interesting materials.
Here it is told the deceased left a long and dense holographic will which has not been updated for twenty years. The will has to be probated first and it seems that the whole process of distributing the assets will take long.
There, the deceased’s wife is mourning because her husband’s ex-wife will inherit the greater part of the assets. Divorce had not been granted and they were in a common law relationship : « he didn’t draft any will », she said time and again.
A will and estate planning will make possible the transmission of your property in accordance with your wishes.
Here, the house of the deceased one’s sister was rummaged from font to bottom but the will was not found. Unless it is in the deceased’s condo in Florida ? What will happen to this house, if a friend reminds you about the Americain tax laws and estate taxes to be levied when inheriting this property ?
Finally, in several cases, you may not understand the discussions of those presents, resulting in insults and quarrels. They are yet all part of the same « great and large family » !
Periods of half-mourning are often not as they should be. However, it is so easy to make arrangement during your lifetime to avoid tensions, questionings and tensions on your death.
The new civil code
Since the entry in force of the new civil code in 1994, the succession has been more than ever a complex and delicate process. The law imposes a specific road map to be followed on the liquidation of a succession : appointment of a liquidator, compilation of an inventory, debt repayment, asset distribution. Without a will, the law will determine who are the heirs, who will appoint a liquidator. This is why things may heat up within the family.
A notarial will has the advantage of providing one’s direction about the provision of its legacy. Heirs are clearly located, the liquidator appointed, his powers specified, the method of devolution of assets stated (specific bequest, universal legacy, testamentary trust, etc.), measures to reduce taxes introduced, a guardian may be assigned to under-age children, etc.
By meeting his client during his lifetime, the notary will bring him to improve will and estate planning : statement of assets, mandate of protection, content of health insurance policies and pension schemes, drafting a will in another language if an estate in owned abroad and is to be passed on to the heirs.
A will drafted by an expert such as notary makes it fully valuable : notarial wills are never subject to probate on the death. As it is also registered, it makes it easily traced.
Resource : http://www.cdnq.org/fr/protectionDuPatrimoine/planSuccession.html