Are you a Latino entrepreneur doing business in Canada? Did you know that if you die without leaving a will in this country, the provincial or territorial law where you reside will be in charge of distributing your assets and business according to the rules of intestate succession. What do you know about these rules? If you started a business in Canada, I invite you to know them, as these rules are the ones that determine who will be the heirs of your assets based on the family relationship they have with you.

Today I bring this important article from our blog about family planning in Canada, as there are many enterprising foreigners in this country who need to understand how the particular laws in each province work. If this is your case, read with me the consequences of dying without a will and how it would affect your business and family environment. Let's get started!

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Who are the heirs under the intestate succession rules in Canada?

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In general, intestacy rules in Canada vest ownership of your assets in your spouse or common-law partner, your children and, in some cases, other close family members. The specific distribution of your assets will depend on your individual family situation. Here I share details of each heir and their circumstances:

1. Spouse or common-law partner: If you are married or have a common-law partner in Canada, your spouse or partner will inherit most of your property, including your business. The exact amount you will inherit will depend on the laws of the province or territory in which you live.
2. Children: If you have children, they will also inherit a portion of your estate, even if you have a spouse or domestic partner. The amount your children inherit will depend on their ages and how many there are.
3. Other relatives: If you do not have a spouse or common-law partner or children, other close relatives, such as your parents, siblings or grandparents, may inherit your estate. The amount these relatives inherit will depend on the laws of the province or territory in which they reside.

Canada consists of 10 provinces and 3 territories and each has its own inheritance laws. This country is bilingual (English and French), in some provinces one language prevails more than the other, so this can make it more complex to understand a legal document. For the preparation of a will, it is advisable to consult with a lawyer who is familiar with Canadian law. Immiland Law has a specialized team that can handle your probate proceedings. At the end of the blog, I will leave the contact links, in case you require assistance.

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Dying intestate and the implications for your business

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In Canada, many immigrants have managed to get their businesses off the ground with years of effort and sacrifice, but if a business owner dies without writing a will about his or her wishes, then he or she will have left the distribution of his or her property in the hands of provincial law, which can certainly have a significant impact on the fate of the business. What kind of impact? The following:

• Failure of the business due to lack of good management. Your spouse or domestic partner may not have the skills or knowledge to manage the business, which could jeopardize the business and the future of your loved ones. 
• Family lawsuits due to lack of clarity in the designations. In addition, the distribution of your shares or interests in the business may lead to disputes among your heirs if there is no designated family member with full powers of attorney.

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Importance of succession planning to protect your business

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To preserve your legacy and avoid unwanted problems among your loved ones due to lack of clarity about the destination of your material assets, it is important to apply the strategy of drafting a good will in which you specify how you want your assets and business to be distributed after your death. 

The benefits are many. In your will, you can name a trusted guardian for your minor children, designate a competent administrator to take care of your business, and specify how you want your shares or interests in the business to be distributed. Of course, all of these actions should be carried out carefully, always taking care to make a good choice of your appointees and with the guidance of probate law specialists to guide you as to what the document should contain and to ensure its validity.

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Why is it necessary to consult a lawyer to draft a will in Canada?

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As I have already mentioned, in this country the laws are handled by each province and territory and both official languages are used. It is important for business owners to secure their legacy with bilingual lawyers who can draft the will according to provincial laws and the appropriate technical language and language. 

Specialized advice prevents errors and disputes. Drafting a will without the help of a lawyer can lead to mistakes and ambiguities, which can only lead to family problems between heirs or even invalidate the document. Instead, a Canadian lawyer knows the law and how it works in these cases, so he or she can ensure that your will is clear and accurate. 

Latino entrepreneurs in Canada may find in Immiland Law's services an additional advantage regarding language, since our team will be able to assist you in the official languages, English and French, as well as in Spanish. This is certainly a great relief in case you do not fully understand the language and the technicality of the legal vocabulary. 

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Additional resources are available

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The Canadian Bar Association (CBA) is a legal entity that has been defending the interests of the legal profession and Canadian law since 1896. It is also the only national association whose mandate is to protect the professional and business interests of the legal profession and promote the rule of law. As such, its powerful and trusted voice ensures the development of laws, regulations and policies in many areas of law. 

Here is the official link to this valuable resource: https://www.cba.org/Sections/Wills,-Estates-and-Trusts/About

Important: The information provided in this blog is for informational purposes only and should not be considered legal advice. You should always consult a qualified attorney for specific legal advice regarding your situation. If you wish to contact us directly, you may write to us at: info@immilandlaw.com.

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Immiland Law Professional Corporation 

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We are a full-service, specialized firm for new immigrants to Canada and we are here to accompany you at every stage of your family planning process. 

To draft a will in Canada and properly secure your estate, you need the legal advice of a lawyer specialized in probate law and experienced in the will drafting service, who respects the provincial rules and ensures the distribution of your property according to your wishes as a business owner.

I hope you find this article helpful and can reflect on the importance of securing your legacy with a formal will. Remember, at Immiland Law, we provide proper guidance and ensure effective estate planning to protect the future of your business and loved ones in Canada. View estate services.

Visit our website: https://www.immilandcanada.com/law/inicio.

That's as far as I'll take it for today. Thanks for reading. See you in the next blog.

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With love,

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Immiland Law