Rich uncle or aunt in Canada – without any financial regulation

Rich uncle or aunt in canada

Or how a fairy tale can end in a play

German Canadian Heritage Law case in actual investigation

If rich uncles or aunts die childless in Canada, it may be that nieces and nephews, with whom there is no sudden contact, arrive unexpectedly.

But what if an uncle cannot take care of his financial affairs before he dies? Then who is responsible?

present situation:

See both Germany and Canada use Supervisors Front. This can be done relatively easily with a power of attorney Is issued independently, Very important – At a time when the person still controls the situation. Health care without proxy, The competent court should intervene and appoint a supervisor.

Problem:

If the caretaker has property in another country and The values – For example a pension, a savings balance or even an asset- Dissolve or sellIn order that he or she can be adequately looked after, this problem demands legally safe solutions that are above all appropriate.

It is unfair to undergo costly legal proceedings in a foreign legal system to ensure that the person being cared for receives at least part of the assets saved for his retirement provision. .

to risk:

For reasons of liability, neither a foreign bank nor a land registry is prepared to pay or transfer money, a stock custody account or real estate to unauthorized persons abroad!

General case:

Made by Caregiver’s responsibility to use caregiver’s assets for care. For the German-Canadian mandate, this usually means contacting foreign pension funds and banks, finding real estate assets valued and purchasers, and eventually transferring monetary values ​​from Canada to Germany or vice versa.

Problem:

Process to get Identify a German supervisor in Canada or a Canadian supervisor in Germany Unfortunately, there is no uniform regulation. Without sufficient reserves, it is therefore difficult or sometimes impossible to make it impossible for the caretaker to move the property where they are needed while they are still alive.

So we recommend you:

With property in Canada that should also be available to future generations, you need professional and cross-border planning in advance.

Later protect yourself from costly and lengthy procedures and be prepared. Seek legal advice from a German Canadian.