As a lot of people I know are past their 30`s and unfortunately we will all have to go through the process, my best advice to any parent is GET YOURSELF A WILL and/or pick a liquidator.
In Quebec we have what is known as a liquidator of estate. That means regardless if you have a will or not, someone has to take charge and divide up whatever is left. Whether it be property, cars, liquid cash, coins, jewelery, someone has to do a lot of work. Normally, a notary will take care of this although you may keep in mind that a notaries are costly. The notary will file all the papers needed and follow the request of the Will at hand. After the funeral costs, the paperwork, the dividing and selling and the debts paid, then and only then is there any money distributed. So if your parents or you are all up to date, have a will, funeral costs are paid in advance and everything is written down accordingly, you are all set. This is how parents should be responsible. It`s already hard loosing a parent and making arrangements, to have to deal with the complications on top of it, YOU SHOULD KNOW BETTER.
Let me give you a brief description of some of things that happen without a will:
1 - Unless you have access to your parents bank account, all assets will be frozen. That means if one sibling (or spouse) does not have signing authority on the account, nobody will have access to the account.
2 - If you are a single child, you automatically become the heir therefore all the work above will have to be done by you unless you get a notary. If there is a surviving spouse or siblings, here is where it becomes extremely complicated. Someone has to be the Liquidator or you hire a notary. Now keep in mind, if you have no access to the bank account, someone has to pay the funeral costs as well as the notary from their own pocket. That means all involved have to agree on who is the liquidator and who will pay the costs. If there is any property, cars or large sums of money, RRSP`s, the best thing to do is get a notary, there is just too much to do. Hopefully everyone involved agrees or it will be a long and vicious road.
3 - If the funeral arrangements have not been made, the heirs (children and spouse) must come together and agree about the arrangement's as well as the costs. The Government does give $2500.00 when a parent passes but only after you send the receipts with a delay of 60 days. Please consider at bare minimum $1700.00, that does not include the funeral home, burial or service.
4 - So let`s say there is nothing, no monetary, barely anything in the account. The Liquidator still has to do all the work . As you have to apply for the $2500.00 and the death certificate is already forwarded to the Government, someone has to become a Liquidator to settle the succession. By law, you have to follow these beginning rules:
1 - You have to choose a Liquidator and /or pay a notary, either way this has to be done:
2 - You have to pay the funeral costs unless you have access to the account
3 - You have to apply for an act of death $53.00
4 - You are obligated to do will searches (Only in Quebec, pffft) $46.00
5 - You must pay all debts and be aware of all debts
6 - You must advise all creditors, banks and governements of the death
7 - You must get all the appropriate papers to file taxes
8 - You must get the taxes done (Accounting Fees), etc.
Once all this is done, and if the succession is in the minus, you have 6 months to decide to not pay and receed the Succession. If you don`t advise the government, the spouse or siblings are held accountable.
So sad that it is, many people are unclaimed, not burried and millions of dollars are given to the Government because people can`t afford, agree or know how to bury their loved ones. It`s not right.
I`m lucky that wasn`t our case but I researched enough to know that people should not have to deal with on top of what they are already feeling. In my opinion, parents should be obligated to have wills, whether it be a sheet of paper delegating a Liquidator or full description of what they want, it should be done. If you can`t afford it, write it down on a piece of paper or at least get a power of Attorney:
http://www.lautorite.qc.ca/files//pdf/publications/conso/gestion-affaires-tiers/AMF_Procuration_simple_ang.pdf
Do something! BE RESPONSIBLE!
And a quick note, the internet has sites, information and please consider leaving your loved ones the passwords, it would make it easier. Educate yourself: https://www.educaloi.qc.ca/en.
Please note that there are many laws and this is merely an article from my case and what I researched. You can visit the Quebec site to find out all procedures involved at:
http://www4.gouv.qc.ca/EN/Portail/Citoyens/Evenements/deces/Documents/guide_deces_anglais_2015_2016_web_V3.pdf?PDF
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