July 19, 2024

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Ultimate guide on Canadian succession laws

In Canada, succession law differs from the provinces. Most provinces have testamentary freedom. Law firms like Litvack offer services such as Litvack Dessureault LLP avocat succession consultation. If you are confused about how to approach succession lawyers and other legal aspects related to it, continue reading to get a better picture.

What is testamentary freedom?

You might have been wondering what testamentary freedom means ever since you heard it. In simple terms, it refers to a person’s discretion to allocate assets to children differently. 

So, a parent can prefer to give more assets to one child over the other. The parent can even decide not to give any inheritance to the progenies. 

Why should you make provisions for dependents?

In Canada, many provinces have laws that require a person to give exact details on how dependents will inherit the assets after the person’s death. 

Dependents usually include spouses and children, but you can also add other family members under your dependent list. 

What will happen if there is no clarity on the inheritance of assets?

After a person’s death, asset inheritance and property division are according to their final will. If a deceased person does not leave behind any will or inheritance details, then the dependents will have to get ready for long-drawn litigation. 

Some provinces have laws in case there is no detailed will to allocate a deceased person’s assets. 

For instance, according to the Succession Law Reform Act in Ontario, a list containing individuals related to the deceased person in hierarchical order is compiled. If the deceased person were married with no children, the spouse will inherit the estate and other assets. 

How can a succession lawyer help?

If your loved one passed away unexpectedly, the chances are low that the person had drafted a final will. So, you will have to get help from an experienced attorney to know what to do next. 

Similarly, if you are worried about succession disputes after your death, you can draft a will explaining how the properties should be shared amongst dependents. An attorney with sufficient experience in the field can assist you with the will. 

Final Takeaways 

Making a final will is crucial to ensure that your dependents will get the share of the assets you desire. 

Otherwise, the pre-established laws will take care of the succession. But, it may not be according to your preference. So, if you have any particular desire regarding who should inherit your properties after your death, you can start drafting your final will.