Executors, also known as Liquidators in Quebec, are responsible for the process of settling the estate (in Quebec, liquidating the succession). This includes every step of the process, from identifying and contacting heirs to closing the deceased's accounts, making and filing an inventory of the assets and liabilities, filing taxes, paying or collecting debts, and distributing assets to the heirs, among others.
The executor must act in good faith and in the best interests of the beneficiaries of the estate. If the executor does not administer the estate properly or hides certain information, co-executors or members of the family can take the executor to court for compensation.
Given the responsibilities and the time and expertise required to settle the estate, the executor can delegate certain tasks to a third party, and can also be compensated for his time by the estate.
In Quebec, if the will doesn't name a liquidator (or if there was no will), the heirs become co-liquidators, at which stage they can name a liquidator by majority vote.
Additionally, the will can name an organization as the executor. For example, in Quebec, that organization must be registered with the Autorité des marchés financiers. Note that individual executors can also hire these companies or professionals to assist them with the process, although the responsibilities would ultimately remain with the original executor unless they officially resign or renounce the role.
The Executors page allows you to add executors or in some cases, co-executors to the estate file. To add a new executor to the file:
- To add new executors to the file, click the "Add New" button
- To edit or remove an existing executor, select the 3-dot ellipsis icon located on the executors card
Note: If you are the corporate executor, you will not be able to remove yourself from the estate file