Why ask a notary to settle an estate? – The death of a loved one is a tragic event that most of us will have to go through one day. The succession stage and the role of the liquidator is a difficult task, especially when the latter combines the functions of survivor and liquidator. Accompaniment by a notary does not make the mourning disappear but it can simplify the administrative formalities.
The role of the liquidator
The term previously used for the liquidator was “executor” because he dealt with the last wishes and the execution of these by will.
The liquidator is the person responsible for settling the estate of a deceased person. The process that the liquidator undertakes is called the liquidation of an estate or the “settlement of an estate”. To do this, the liquidator must then close the accounts, declare the taxes, recover the sums due, make an inventory of the assets and debts, distribute the assets to the heirs, etc.
Why ask a notary to settle an estate? – The liquidation of an estate is a delicate and complex process.
The law imposes obligations on the liquidator to ensure the smooth running of the liquidation. The liquidator must act with prudence and diligence, honesty and loyalty and not place himself in a conflict of interest. Thus, if the liquidator makes unreasonable decisions, does not adequately administer the estate or hides certain information, any interested party (e.g.: a co-liquidator or a family member) may apply to the court to replace him and obtain compensation for the wrongs he suffered. The liquidator is even likely to incur liability in all cases where an heir, legatee or creditor claims to be harmed due to a breach of his obligations.
The intervention of the notary in this context ensures that the procedure imposed by law is correctly carried out and that legal problems are avoided or correctly dealt with.
Entrust part of the liquidation to a notary or give him or her the complete mandate
The liquidator may entrust a notary with the mandate to proceed with the liquidation of the succession. The latter will report to him regularly. The liquidator can also, as a simple measure of prudence, enlist the services of a notary on an ad hoc basis to advise him. It is recommended to consult a notary, for his preventive role, at the very beginning of the liquidation of the succession in order precisely not to repair errors but to avoid them as well as costly litigation.
The various roles of the notary in the succession
- Roles in the early stages such as will research
- Liquidate the property rights
- Present the options to the heirs
- Determine the inheritance heritage: draw up the inventory
- Administer the estate, i.e. sell or administer the assets and pay the debts
- And finally prepare the declarations, render the account and hand over the property to the heirs
The liquidation of an estate is often a very heavy task for the person in charge of it. Appointing a notary from the early stages of the succession can be a wise choice to avoid legal problems to be corrected later.Contact us now!