Have you been appointed executor of a will by heirs, of through a will? Do you know what such a task consists of? Are you aware of the responsibilities you’ll have?
Here is a summary of the main tasks performed during the liquidation of an estate:
Identify and call heirs by referring to the will.
Figure out the components of the estate, including assets and liabilities, and list out items as the law requires.
Pay debts: debts of the deceased, estate debts, alimony debts, debts arising from the division of family assets or matrimonial dissolution
Pay estate taxes.
Ensure delivery of assets to the heirs.
You’ll have to respect/meet certain deadlines, publish notices in public records and newspapers, manage the estate, take the necessary actions to preserve assets and property, carry on the operations that yield income, make investments, etc.
Function and obligations
The will or, by default, the law defines your function and obligations. All steps will have to be carried out with the greatest respect of the deceased’s wishes in mind, as they are described in the will, and according to legal provisions. You’ll have to bear the responsibility attached to every action you commit. You’ll have to consequently always act within the limits of the powers granted to you, with prudence, diligence, honesty and loyalty, and in the best interest of the heirs.
Your notary is an estate law specialist.
Your notary can advise you and guide you through each step of the liquidation/execution, prepare all documents (transmission statements, notices, letters, inventory, settlements/accountability, etc.) in order to better help you avoid potential lawsuits from beneficiaries, heirs, unpaid creditors, tax authorities or others.
The execution of a will is not that simple. To avoid potential problems
Consult your notary: a trusted source.
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