5 things to know about making an inventory or the failure of the liquidator to provide an inventory
- Obtain information regarding the assets, liabilities, and expenses of the estate:
- Assets of the estate include:
- Universality of movable property,
- Currency in cash, investments, RRSP, TFSA, pensions and other securities,
- Personal items,
- Valuables and jewelry, etc.
- Liabilities and expenses of the estate include:
- Funeral costs,
- Loans and mortgages,
- Debts repayment,
- Credit cards, VISA payments, etc.
For more information, please visit our website for inventory forms: https://schneiderlegal.com/estate-liquidation-form/
- Publication of notarized inventory:
- An inventory must be notarized en minute, or by private writing before two witnesses and published to the RDPRM in order to be opposable to third parties.
- The inventory should be faithful and mirror the exact enumeration of all the property entrusted in the liquidator’s administration or constituting the administered patrimony (art. 1326 C.C.Q.). As follows:
- Description of the immovables,
- Description of the movables,
- Indicate their value,
- In the case of a universality of movable property, provide sufficient identification of the universality,
- Description of the currency in cash and other securities,
- Listing of valuable documents,
- Personal items,
- Jewelry and other valuables, etc.
- Statement of liabilities and expenses,
- Recapitulation of assets and liabilities.
For more information on the role of the liquidator, please visit : https://schneiderlegal.com/the-role-of-the-liquidator/responsibilities-of-the-liquidator/#six
- Rendering of account:
- The liquidator must produce a rendering of account. In the event that the settling of the estate takes longer than one year, the liquidator must render an annual account of management to the heirs, creditors, and legatees by particular title who have not been paid.
For more information on settlement of an estate, please visit: https://schneiderlegal.com/2016/07/30/settling-an-estate/
- Letter of demand: the right to receive a rendering of accounts and inventory:
- If you are entitled to any part of the estate, it is your right to receive an annual rendering of account, as well as a detailed inventory.
- If you have not been given access to these documents, or have had your access refused, you should contact a lawyer without further delays.
- He/she will draft a letter of demand putting the liquidator in default by requesting the rendering of account details and inventory.
- Legal proceedings:
- If following the letter of demand, you have still not been provided with an annual rendering of account, as well as an inventory, you should resort to legal counsel in order to decide whether to institute legal proceedings against the faulty liquidator.
To schedule an appointment with one of our lawyers, please visit: https://schneiderlegal.com/meet-one-of-our-lawyers/
If you are looking for a law firm with reasonable rates, quick and efficient turnaround time for your files and who provides personalized and effective follow-ups, call Schneider Attorneys at (514) 439-1322 ext. 112 or email us at email@example.com
The above noted text should not be construed as providing legal advice or a statement of your claim. The process highlighted above are merely parameters and barometers and do not constitute any warranties and guaranties with regards to your file at hand. We strongly recommend that you seek legal advice with a licensed attorney from the Barreau du Quebec or a notary at the Chambre des Notaires. Each case must be seen and analysed on its merits as the legal process may be complex and cumbersome.