Special issue of Le Lien on different types of security
(July 29, 2014) The most recent issue of Le Lien, the newsletter for tutors of a minor child and members of a tutorship council, is now available. This special issue is about the security or guarantee that tutors must provide to protect the child's assets.
Some of the topics covered
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A new form of security that simplifies life for parents of a minor child
(July 23, 2014) Legal tutors who have been calling for a simpler way of administering the patrimony of their child can celebrate! A new type of security is now available. The fruit of a partnership between the Curateur public and Épargne Placements Québec, it will make it easier for parents to fulfill their obligations. The purpose of the Security Investment [Placement Sûreté] is to protect the assets of a minor child in the same way as a hold funds, mortgage guarantee, and contract of surety or other form of insurance. In contrast to these types of security, however, it involves less work in terms of reporting.
Parents who opt for the Security Investment must deposit all the money they administer for their child and refrain from cashing in all or some of the funds until the child comes of age. In most cases, they won’t need to produce annual reports and a final report.
In addition, they will normally not be required to furnish or maintain another type of security, and they could be exempted from forming a tutorship council if they register a Security Investment at the beginning of the tutorship. They will, however, maintain all their other responsibilities, such as informing their child about the patrimony when the child turns 14.