Any notary can tell you: having a testament (will) is more than important for your estate. In addition, having a notarial will speed up the process once you are deceased. There will be no verification and your estate will be settled more quickly. Let’s look at the subject in more detail.
Why have a will? Basically, a will is an act that expresses your last wishes once your death occurs. Generally, it contains your wishes that affect the inheritance, your heirs, who inherit what, how the property is shared, who will be your liquidator and the powers you invest him. That’s how your last wishes will be respected.
Although notarial will costs more at the beginning, it is more reliable because you’ll benefit from the legal advice from your notary; also, the notarial will is registered in the register of CNQ. So, once you are deceased, your loved ones can avoid a long process of verification of the authenticity of the will, which speeds up the execution of your last wishes. Of course, you may make your own will. However, it must be verified, and this may take several months.
In the event that you don’t have a will Although highly recommended, it is not necessary to have a will. However, be aware of the consequences. The absence of a will ensures that the division of property and inheritance is done according to the standards of the law and not according to what maybe you wanted. From the outset, the law gives priority to the widowed spouse (married or civil union), the children and the family.
However, if you were a common-law partner, he or she will be left out, so that the children and the family can receive the property of the deceased. All because common-law partners are considered singles, and so it’s legal. Is that really what you want? If you have a will, you can include your common-law partner in the inheritance.
Estate Once your death has occurred, it is time for the estate procedure (settle of the estate). It is quite long and has many elements. The procedure includes your funeral, the getting your death certificate, the search for the will, the analysis, finding the heirs, claims, liquidation of the patrimony, payment of debts, the division of property, the closing of the inventory and the final report of the liquidator.
In addition, if you do not have a will, the settle of your estate may take longer than expected. However, your notary will be able to assist you throughout the application of the steps.
Ultimately, the importance of having a will is crucial if you want your possessions to be properly distributed. Also, the settle of the estate stage is not to be neglected. But did you know that? You can accept or refuse it within 6 months of the death. Your notary may advise you to refuse the estate if the deceased’s debts exceed the value of his assets. In this case, talk to your notary about it in order to make the best decision.Contact us now!