Estate Planning and Trust Solutions

Taking the time to enjoy the moment and the presence of those we love is a fundamental part of life. However, it is equally important to be aware of potential and future events that can alter our reality. Planning for them will help you get peace of mind and will ensure that your wishes are carried out as intended.

Why it’s important to plan my succession?

To help ensure your protection in the event of incapacity, as well as the financial security of your loved ones after your passing, planning your succession is an essential step that helps minimize the legal and fiscal complications related to the administration or distribution of your estate and, as a result, family disputes.

Evaluate your succession situation? 

Do not hesitate to contact your advisor for additional information.

I want to plan my succession

1) Make an inventory of your estate

Make a list of your assets and liabilities, including their physical location, and take into consideration your matrimonial regime (if applicable), your family estate, any gifts that fall under the regulations of a civil union or marriage contract (if applicable), as well as the fiscal impact of your passing.

Tool Inventory of property

2) Establish your objectives

Determine who will take care of you and your property in the event that you are unable, mentally or physically, to express your wishes because once declared, an incapacity will prevent you from fully exercising your civil rights in that regard.

You also need to determine to whom, when and how you wish to distribute your property upon your passing.

3) Draft a mandate offering protection in case of incapacity

Without a mandate, the Civil Code of Québec provides a form of protective supervision (tutorship or curatorship), depending on the degree of the incapacity, and a court procedure must be undertaken

The mandate allows you to designate two types of mandataries:

  • Mandatary to the person
    This person will be responsible for all decisions pertaining to your well-being.

  • Mandatary to property
    This person will be responsible for the diligent administration of your property.

4) Evaluate the methods to protect and distribute your estate

There are several ways to achieve your objectives according to your priorities and fiscal situation, two of which are:

Writing a will

If you die without a will, the Civil Code of Québec will determine who receives your property and in which proportions.

Video A will… pronto!

Creating a trust

This legal instrument allows you to transfer your property, in full or in part, while living or upon your passing, to another patrimony that a trustee has accepted to hold and administer in accordance with your pre-determined objectives. Creating a trust however requires planning, as well as expert legal and fiscal knowledge.

5) Revise your plan regularly

Changes in your financial or personal situation, or amendments to laws and regulations can have consequences on your planning strategies. It can therefore be useful to occasionally revise your estate documents, such as your will, your incapacity mandate, and the inventory of your property, to ensure that they are up to date and continue to reflect your wishes.

6) Plan for the liquidation of your estate

Liquidating an estate is a complex process that too often entails intricate legal, administrative and fiscal matters, and requires great availability on the part of the liquidator.

Consult our Estate Liquidation section to learn more about what our team of experts can do for you in this matter. See I want to liquidate my estate below.

7) Deal with professionals

Enlist the help of experienced professionals to help you develop and implement your planning strategies.

Consult our National Bank Trust page to learn more about our services.

I want to liquidate my estate

Liquidating an estate is a complex process that too often entails intricate legal, administrative and fiscal matters, and requires great availability on the part of the liquidator. The Civil Code of Québec has established a framework that oversees this process with numerous rules and formalities.

The liquidator

Sometimes referred to as estate executor or administrator, the liquidator’s role consists in taking the required steps, which will vary in size and complexity of the estate, the geographical residence of the deceased and the heirs, as well as the location of the property and testamentary dispositions, to name a few.

In Québec, the liquidator is normally designated by the testator (deceased) in his will. In the absence of a will, or in the event that the testator has not designated a liquidator, the law provides for all heirs to act as liquidators, unless they choose to designate a liquidator by vote.

What we can do to help

Whether you are responsible for liquidating an estate, a tutor, a curator or mandatary to property, National Bank Trust can accompany you in the process, from the management of a tutorship or curatorship, to the distribution of a deceased’s estate:

  • Discreet and highly personalized turnkey service overseen by a dedicated account manager
  • Responsibility for numerous administrative and legal formalities
  • Prevention of family disputes in cases of complex situations
  • Optimization of fiscal benefits
  • Framework for all steps of the estate distribution, when applicable
  • Optimization of solutions in the best interest of beneficiaries
  • Decision-making assistance
  • Added layer of efficiency, timeliness and rigor
  • Access to a multidisciplinary team of professionals: notaries, lawyers, accountants, tax and investment advisors, and portfolio managers

National Bank Trust can also be designated as liquidator or co-liquidator to your estate, mandatary to your property in your incapacity mandate, or fiduciary or mandatary of your trust.

For additional information, do not hesitate to contact your advisor.

Should you have any questions, do not hesitate to contact us.

514 871-7240