- A liquidator who ignores the steps required by the Civil Code of Québec may be held liable by the creditors and the heirs of the succession.
- The Civil Code of Québec provides deadlines for renouncing to a succession.
Once this period expires, the potential successors are presumed to have accepted the succession. In addition, certain gestures, seemingly innocuous, can automatically lead to acceptance of the succession, including any potential debts. The waiver of a succession is obligatorily done before a Notary.
- Only Notaries and Lawyers can give legal advice.
- An estate settlement can resurface old grudges and resentments. The Notary
can act as a mediator, prepare meetings, facilitate the procedures, and ensure that communication is working well to resolve disputes amicably.
- Reading of the will is a way of ensuring that the settlement of the succession will start off on the right foot. It serves to inform the liquidator and the heirs of the steps to be undertaken in order to respect the last wishes of the Deceased.
- When death occurs, the tax authorities consider all assets and property left by the Deceased as if they had been sold immediatly prior to death at fair market value. It is important to know that debts and taxes must be paid before the distribution of the assets and clearance certificates must be obtained.