Over the past fourty years, as a Quebec Civil Law Notary, I have prepared thousands of wills on behalf of my many clients. Nonetheless, many of us tend to procrastinate when it comes to even thinking about our successions and the preparation of our wills.

Some of us will think of all kinds of excuses as to why we should not have a will such as: I really do not have any assets; doesn't my wife automatically inherit everything I own; I prepared a list of beneficiaries, which I have written on a piece of paper and hidden in my bottom drawer.

Unfortunately, if a will is not drawn up the laws of your Province will dictate how your succession is to be distributed. Furthermore, if you die interstate and leave minor children, there will be need to have court intervention in order to appoint someone to represent the minor children.

You may also wish to consider what will happen to your enterprise when you die. Who will succeed you? Will the business be wound up and the proceeds distributed in accordance with your wishes? Is the executor (known as a liquidator in Quebec) capable and qualified to deal with the winding up or the continuation of your business? Do you want to have your business wound up upon your death?

Have you prepared an inventory of all of your assets and in particular the assets of your business? How will your business expenses be met once you are no longer alive? Would there be enough liquid assets in order to pay these expenses? What about your income taxes? Are they up to date?

In accordance with the Income Tax Act of Canada before your estate can be fully distributed to your beneficiaries you will need a certificate of distribution from the income tax department. Once you request this certificate, the tax department reviews your tax returns for the past 3 years, as this is their last "crack" at you, and "if they don't get you while you are alive, they will get you when you die." Two things in life are certain, "death and taxes."

If you decide to bequeath your business to anyone else other than your spouse, have your thought about the possible capital gain implications? It is to be noted that upon death you are deemed to have disposed of your assets. If the assets are bequeathed to your wife there will be no capital gain implication at such time, as the there will be a "roll over" which is analogous to the RRSP or RRIF roll over. However, if the business is bequeathed to your children or to someone else, there will be tax implications.

Very often one or more of our children are involved in the family business. We may wish to bequeath our share to the child or children, however, we would have to give some thought to any of our other children who are not involved in the business. Do we wish to bequeath to the non-involved children other assets of our estate?

A Will is only a tool in the larger process of estate planning. It will provide for the distribution of your property in accordance with your wishes and not the wishes of the law of your Province.