What is an estate settlement?
Estate settlement involves managing a person's affairs after their death. During this process, the executor must address a number of financial, legal and tax issues.
Become an executor
Should you accept the role of executor?
You have the right to refuse to be an executor by notifying potential heirs and co-executors, and by following the instructions provided in the will.
Exception to the rule (Quebec only):
The role of executor falls to you if:
- You are the sole heir of the deceased and the will does not authorize you to renounce the role.
- You are the sole heir of the deceased in an estate without a will.
When you agree to act as executor of the estate, you are legally required to be registered in the Register of Personal and Movable Real Rights (RPMRR).
Understanding estate settlement
Article: The importance of executing a will and liquidating an estate
The executor is the person in charge of liquidating the estate when a person dies. They must be able to complete the tasks within the required time frame. Learn more about the responsibilities of an executor and what steps to take.
Receiving an inheritance
Article: How to manage the inheritance of an estate?
Receiving a large sum of money as an inheritance brings its share of questions. Our expert answers your questions.
Key steps
Are you ready to start settling the estate? Find out what you need to do over the short-, medium- and long-term.
Short term
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Organize the funeral
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Obtain the required documents
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Take inventory of the estate
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Draft a notice of closure of inventory
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Notify the beneficiaries
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Notify organizations and service providers (phone and internet services, etc.)
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Open an estate account
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Ensure assets are secure
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Partition family property
Medium term
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Recover amounts due
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Prepare tax returns
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Obtain approval to distribute assets
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Pay creditors and beneficiaries
Long term
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Draw up a balance sheet for the estate
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Obtain a release from the heirs
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Carry out final distribution to heirs
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Publish the notice of closure of account
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Close the estate account
To better understand the details of each step, download our brochure.
Avoid an insolvent estate
Certain actions, such as selling property, can imply that you have accepted an estate without explicitly stating your intention to do so. If the estate is insolvent, you may have to pay someone else's debts.
Are you the estate executor? Inform the heirs and always start by making an inventory at death (debts and assets).
Little details that matter
Full brochure
To better understand the key steps of settling the estate, download our brochure.
Looking for more information on our trust services? Check out our brochure, The Importance of Assistance, available for Quebec residents and residents of other provinces. The brochure for other provinces includes leaflets for:
Certain terms and concepts may differ from province to province and are shared for general and informational purposes only. Estate settlement services are offered through National Bank subsidiaries. National Bank Trust is a subsidiary of National Bank of Canada.
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For financial or business advice, please consult your National Bank advisor, financial planner or an industry professional (e.g., accountant, tax specialist or lawyer).
