Estate Settlement
Settling an estate is both a delicate and complex matter. The law provides for transmitting the rights of the deceased to his or her heirs and stipulates specific rules regarding estate settlements. The services of a Notary are required to ensure that the process is accurately respected and to help resolve any thorny legal issues which may arise. A Notary can provide the liquidator, who is in charge of settling the estate, with invaluable advice during every step.
We encourage you to read Estate Settlement. You can download this pamphlet by clicking here or request one by e-mail at info@gipl.qc.ca
Estate Settlement Process
Proper estate settlement requires that each step of the process be followed according to law, from the time of death to the transfer of the estate to the heirs.
Typical steps:
- Arrange the funeral arrangements.
- Obtain proof of death.
- Conduct a will search.
- Open and make an inventory of the contents of the safety deposit box.
- Open an estate account at a financial institution.
- Have the will probated.
- Analyze the provisions of the will.
- Determine the heirs.
- Appoint a liquidator.
- Take an inventory of the deceased’s property.
- Claim life insurance benefits, pensions and allowances.
- Fulfill tax formalities.
- Partition the family patrimony and settle the matrimonial regime.
- Publish the necessary notices.
- Exercise the heirs’ options.
- Administer the estate’s property.
- Pay the debts and legacies by particular title.
- Prepare the final estate account.
- Divide the estate property.
These steps are long and complex. To limit his or her liability and to ensure that all the formalities are fulfilled, the liquidator would do well to use the services of an estate expert. Ensure you make the right decisions and protect yourself against legal claims by consulting your Notary.