Liquidating an estate settlement

Find out how to liquidate an inheritance

Make an appointment

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

Photo of a retired couple hugging each other

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

Photo of a woman reading a paper

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.

Learn more about the role of executor

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.

Learn to manage an inheritance

Photo of a couple and their baby outside

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 

 

  • 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

Medium term

 

  • Recover amounts due

  • Prepare tax returns

  • Obtain approval to distribute assets

  • Pay creditors and beneficiaries

Long term

 

  • 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


To better understand the details of each step, download our brochure.

Picto of discussion bubble with exclamation mark

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:

Ontario

British Columbia

Alberta

Saskatchewan

Manitoba

New Brunswick

Legal disclaimers 

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.

The contents of this website must not be interpreted, considered or used as if it were financial, legal, fiscal, or other advice. National Bank and its partners in contents will not be liable for any damages that you may incur from such use.

We wish to inform you that the information presented on this website, whether financial, fiscal or regulatory, may not be valid outside the province of Quebec.

Those events, articles and videos are provided by National Bank, its subsidiaries and group entities for information purposes only, and create no legal or contractual obligation for National Bank, its subsidiaries and group entities. The details of this service offering and the conditions herein are subject to change.

The hyperlinks in those events, articles and videos may redirect to external websites not administered by National Bank. The Bank cannot be held liable for the content of external websites, or any damages caused by their use.

Views expressed in those events, articles and videos are those of the person being interviewed. They do not necessarily reflect the opinions of National Bank or its subsidiaries.

For financial or business advice, please consult your National Bank advisor, financial planner or an industry professional (e.g., accountant, tax specialist or lawyer). 

Questions about estate planning?

Speak to an advisor for personalized support.

Make an appointment

Make an appointment

Phone icon

1-888-835-6281

Monday to Friday, 7 a.m. to 10 p.m. (ET)

Saturday and Sunday, 8 a.m. to 8 p.m. (ET)  

Locator icon 

Find a branch

Back
Terms of use
National Bank’s virtual assistant

When using our Virtual Assistant Service (the "Chatbot"), you accept these Terms of Use, which are subject to change without notice. Furthermore, you agree to consult these Terms of Use from time to time and acknowledge that your continuing use of the Chatbot means that you have accepted any changes that may have been made. Your continued use of the Chatbot means that you’ve read, understand and agree to these Terms of Use, the Terms of Use for our website, our Online transaction services, and to our privacy policy. You also understand any other agreements that you have with us will continue to apply when you use the Chatbot.

1. Our Services and your responsibilities

The Chatbot is an automated service which is integrated into our online banking platform.

The Chatbot is preprogrammed to answer general questions concerning the use of our online banking platform solely for informational purposes. The Chatbot is not able to answer questions on personal monetary transactions or products you hold with us.

By using the Chatbot, you understand and agree that:

  • The Chatbot does not provide financial advice or financial planning services.
  • The Chatbot does not conduct any banking transactions.
  • The Chatbot may not be able to answer all your questions. Therefore, it may not be able to provide you with the information you require. You must judge whether the answer provided responds to your question accurately. In the case of uncertainty, a customer service representative would be happy to help you. You can call us toll free at 1-888-483-5628 or 514-394-5555.
  • The Chatbot is not a complaint service. You cannot use the Chatbot to file complaints. If you have any complaints, you can contact us at the number indicated above.
  • We monitor, record and store the discussion that you have with the Chatbot to improve our interactions with our clients.
  • You will not provide the Chatbot with any confidential, personal, or private information. For example, you will not provide the Chatbot with your login information, PIN or other personal banking information.

2. Limitation of Liability

You acknowledge that we won’t be liable for any losses or damages that you may suffer as a result of your use of the Chatbot, including if the Chatbot is unavailable for any reason.

We cannot guarantee that the results obtained via the Chatbot will be accurate and reliable and that the answers provided will meet your expectations.

We will not be held liable for damages you incur as a result of:

  • Any delay, error, interruption or omission on our part or any other event beyond our control.
  • Any deficiency or technical error or any unavailability of our systems and wireless networks.
  • Your failure to meet any of your obligations.
  • Any amendment to or suspension, refusal or blockage of the Chatbot.
  • Any decision or measure you take in response to information and data obtained via the Chatbot.
  • Any other damages you may incur that are not caused by negligence on our part.

3. Language

You have requested that these Terms of Use, and related documents be drawn up in English.

4. Governing Law

These Terms of Use are governed and must be interpreted in accordance with the laws in force in the province or territory where you reside. If you reside outside Canada, the laws in force and the courts of competent jurisdiction are those of the province of Quebec.

Virtual assistant