09 Feb Did you know that it takes several steps to complete the settlement of an estate?
Flora’s grandmother, with whom she was very close, passed away from a generalized cancer. Her grandmother’s will, Flora learns, has appointed her executor of the estate. Flora does not know what the role of an executor or liquidator entails and wonders about the process of estate settlement.
Did you know that the opening of a file on an estate (succession) and its distribution involve multiple steps provided by law? Indeed, whether or not the deceased had a will, the opening of a file and the distribution of the property in the estate, known as the “liquidation” of the estate, must comply with the law.
As the liquidator of the estate, Flora will have to follow these steps. (1) Firstly, she will have to obtain her grandmother’s death certificate. She will have to conduct a will search with the Chambre des notaires and the Barreau du Québec. (2) She will have to identify and contact the heirs to inform them of their rights in the estate. (3) Flora will then have to determine the content of the estate by preparing an inventory of the assets and debts. The inventory will have to be signed before a notary or two witnesses, and notices will subsequently have to be published on the RDPRM (Register of Personal and Movable Real Rights) and in a local newspaper. (4) She will also be responsible for collecting amounts owing to her grandmother, paying her debts and completing tax return forms within six months of her death. (5) Moreover, Flora will have to obtain the certificate authorizing the distribution of the assets from Revenue Quebec and the clearance certificate from the Canada Revenue Agency. (6) Finally, after all these steps, she will have to render a final account of the liquidation to inform the heirs of her administration of the estate, the operations that were performed and the assets still remaining in the estate. Finally, she will publish a notice of account closure on the RDPRM.
Should you face such a situation or need further advice, you should consult a lawyer.
Text written by Me Marie-Laurence Brunet,
in collaboration with Me Virginie Saine-Loiselle
Lawyers at Brunet & Associates