Liquidating estate quebec
In that case, the heirs can name one or several liquidators by a majority vote. For example, one liquidator can be responsible for practical things like organizing a funeral, finding documents, etc.A second “professional liquidator” can take care of more difficult issues, such as property, debts and taxes.If the will does not specify the tasks to be done, who should do them, and the way decisions have to be made, the liquidators must act together unanimously.If there is no will or the will does not name liquidators, the heirs become the liquidators. Through a majority vote, the heirs can also name one person among them to act as the sole liquidator.A savings company or trust company registered with the Autorité des marchés financiers (an agency that oversees financial markets and services) can also be a liquidator.
A child under 18 who has married or been completely emancipated by a court decision can also, in theory, be a liquidator.It is important to note that a liquidator can get help from these professionals and organizations, even when they are not named as liquidators.The liquidator can be named in the will of the deceased.For example, “I name my daughter, Shannon, liquidator of my estate”.If the will does not name a liquidator or if the deceased did not make a will, the heirs automatically become the liquidators. If there are several, the will usually says how decisions will be made.
Search for liquidating estate quebec:
The official term for an estate in Quebec law is “succession”.