Law to better protect
Find out more about the changes that will have a direct impact on the lives of thousands of vulnerable people and their loved ones.
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Assets (a house, shares, bonds, cash, valuable family heirlooms etc.) have just been bequeathed to the child whose property you are administering in your capacity as parent, dative tutor or suppletive tutor. This information does not apply to you if the succession bequeathed to the minor is managed by a liquidator or a trust.
If after analyzing the situation, you decide it is better for the child if you renounce the succession: you may do so in a notarial act or judicial declaration. The inheritance then becomes an unclaimed succession and you have to notify Revenu Québec.
That is the first question to ask yourself.
Warning: Indemnities paid to the child by the Commission des normes, de l’équité, de la santé et de la sécurité du travail (CNESST) or the Société de l’assurance automobile du Québec following the parent’s death are not part of the succession: they must not be used to pay the deceased person’s debts. They belong to the child. The same applies to the life insurance of which the child is the beneficiary, unless it is the subject of a clause in the will.
Generally speaking, you should conserve real estate items and administer them. However, if needs arise (maintenance or repair costs that are too high, etc.), the tutorship council can authorize you to sell them, or the court does so if their value exceeds $25,000.
Even if they are not presumed sound, you should keep existing investments until they mature.
Have you decided to dispose of them before the maturity date? You should act discerningly, taking market fluctuations into account.
In both cases, you must re-invest the amounts in presumed sound investments.