The individual appointed to handle the estate settlement is the « liquidator ». The individual may be identified in the will or appointed by the heirs. Many individuals can share the responsibilities if underlined in the will. There is no obligation to accept this responsibility even though the liquidator has been appointed by the deceased. Know that it is always an option to appoint a notary, lawyer, or accountant to handle the estate settlement. However, only a notary or a lawyer may provide legal advice relevant to the settlement of an estate.
What happens with the debts of the deceased?
Usually, the heirs must pay the debts of the deceased. Creditors are in their right to request their due from you. That is why it is best to consult a professional before proceeding with the settlement of an estate. He will underline if the estate records a deficit whereas the debts exceed the assets.
Must you accept an estate that is in deficit?
When the value of an estate’s assets is lower than its debts to creditors, the situation is less than favorable for the heirs. Thankfully, the law allows renouncing a debt-ridden estate. In such circumstances, one must proceed with caution and be patient as the simple transfer of property, a vehicle, or money owned by the deceased to your account will be legally deemed as the acceptance of the estate. In any doubt, consult a professional!