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 |  The liquidator of the estate  The liquidator (formerly called the estate or testamentary executor) is the person named to oversee the settlement of your estate. The liquidator's powers last as long as needed to carry out his or her tasks, which mainly involves locating your last will, having it probated if necessary, taking an inventory of your property, paying any debts owed by the estate, distributing your property, and publishing a notice of closure of inventory with the Register of Personal and Movable Real Rights as well as in a newspaper circulated in the locality where you resided at the time of death. You may choose a family member, a close friend, or a specialist such as a trust company to act as your liquidator. You can and should also designate a replacement in case the first person appointed is unable or unwilling to carry out the task. Indeed, no one except the sole heir is obliged to accept this responsibility. If you do not appoint a liquidator, all of your heirs will play this role. The group may assign specific functions to certain members or select a liquidator by mutual agreement. If the heirs cannot agree, the court may designate a liquidator upon the request of an interested party. If the liquidator is not one of your heirs, it is wise to provide
for compensation. If there is no compensation clause in the will,
the liquidator will only be entitled to reimbursement of expenses
incurred in fulfilling his or her responsibilities. Source : Me Joanne Désourdy, notary 779, Shefford Street Bromont (450) 534-2265 © 2005 - Les Résidences et jardins funéraires Bessette |    |
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