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April 2019 Archives

Forced Heirship vs Mandatory Succession Rights - It's All in Your Perspective

In Canada, succession rights are often discussed in the framework of testamentary freedom - see for example our previous blog regarding testamentary freedom which discusses disinheriting a beneficiary such as a child who might expect to inherit. But in many parts of the world, a person not only cannot disinherit certain family members, it would not be accepted by society at large in such places that a person should be able to do so.

At Which Age Should Children Inherit?

Life spans are increasing. Consider that in Canada over the last decade alone, life expectancy for those who reach 65 has climbed by two years, and men on average who are 65 today can expect to live to 84 and women to 87, while half of Canadians age 20 today will live to age 90 and 10% to age 100. Perhaps it is nature's balancing act that there is a longer aging period but at the same time there also seems to be a longer maturation period for our children which impacts our estate planning. One of the perplexing questions faced by parents in their estate planning is coming to grips with the question of deciding appropriate ages for their children to inherit. From my own perspective as an estate planning lawyer for over three decades, I have seen a significant shift in that time span to later ages.