SETTLEMENT OF AN ESTATE
Your notary: an artisan and a master
Since the coming into force of the new Quebec Civil Code,
the settlement of a succession (or estate) has become, more
than ever, a delicate and complex matter.
The law provides for the transmission of the rights and property
of a deceased person to his heirs. In the settlement of an
estate, the intervention of a notary ensures that the numerous
obligatory procedures are properly followed and the thorny
legal questions correctly resolved.
Failure to seek his advice risks causing undue delay in the
process of the liquidation of the deceased's affairs and compromising
the fundamental rights of the heirs or the deceased's family.
Your notary will be called upon to draw up the appropriate
deeds and will collaborate with other professionals whom will
direct and supervise. He is the principal artisan and master
of the whole operation.
How is an estate settled?
To be affective and beyond dispute, the settlement of an estate
requires that each procedure be followed in accordance with
the law from the time of death until the final delivery of
the property to the heirs.
The normal procedures include in particular:
Seeing to the funeral arrangements; making an inventory
of the safety-deposit box; obtaining proof of death; searching
for the will; probate of the will; analysis of the testamentary
provisions; determination of the heirs; appointing the liquidator;
claiming the life insurance benefits; claiming the pensions
and allowances; liquidation of the matrimonial rights; determination
of the deceased's patrimony; making the inventory; publishing
the notices; exercising the heir's option; administration
of the estate's property; paying the debts; preparation of
the income tax returns; issuing the distribution certificates;
transmission of the property; preparation of the liquidator's
accounts; partition of the estate.
Each and every one of these procedures is subject to obligatory
No one can ignore the tax consequences of the liquidation
of an estate. The income tax returns for which the deceased
is liable must be prepared. nevertheless, the tax laws allow
the heirs, at the time of death, to exercise certain options
which may turn out to be profitable, Certificates must be
issued by the tax authorities to permit the final distribution
of the property to the heirs. These measures are fundamental
and the taxpayers know that they must follow them. Ask your
notary for help. He is aware of these requirements.