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.
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:
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).
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 a large sum of money as an inheritance brings its share of questions. Our expert answers your questions.
Are you ready to start settling the estate? Find out what you need to do over the short-, medium- and long-term.
Organize the funeral
Obtain the required documents
Take inventory of the estate
Draft a notice of closure of inventory
Notify the beneficiaries
Notify organizations and service providers (phone and internet services, etc.)
Open an estate account
Ensure assets are secure
Partition family property
Recover amounts due
Prepare tax returns
Obtain approval to distribute assets
Pay creditors and beneficiaries
Draw up a balance sheet for the estate
Obtain a release from the heirs
Carry out final distribution to heirs
Publish the notice of closure of account
Close the estate account
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).
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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