1. Identify if the Decedent made a Will and any Codicils.
2. If so, identify the last Will and the last Codicil made. Ensure that
they are validly made and have not been tampered with. See a Notary.
3. Give effect to any organ donations stipulated in the Will,
subject to respecting the Decedent's wishes as to only certain specific
organs being harvested, for certain specific uses only, ie.
research uses, transplantation uses only, but no student laboratory
uses.
4. Locate and organize key personal documents, such as:
- Most recent Tax returns (Federal and Provincial)
- Notices of assessment
- Death certificates (Decedent's and predecedent's)
- Pre-arranged funeral and service arrangements, wishes
- Powers of Attorney, Mandates and Living Wills
- Family Trusts, Usufructs and Substitutes
- Birth certificate(s)
- Marriage certificate(s)
- Marriage contracts(s)
- Renunciation to the Family Patrimony (if applicable)
- Common-law spousal agreement(s)
- Same-sex agreement(s)
- Separation judgment(s)
- Divorce judgment(s)
- Pension plans held, contributed to
- Life insurance policies
- Company-owned life insurance (if applicable)
- Bank statements
- Safety-deposit box records
- Investment account statements
- Credit card statements
- Share and/or Bond certificates
- Debentures or other debt securities
- Promissory notes
- Mortgages receivable
- Mortgages payable
- Personal loan agreements
- Car loans or leases outstanding
- Property leases
- Home title deeds (Purchase, Mortgages, Surveys)
- Appraisals
- Revenue property title deeds
- Municipal/School tax statements
- Collateral hypothecs
- Business acquisition deeds
- Business loans, Lines of credit
- Corporate minute books
- Shareholder agreements
- Partnership agreements
- Business financial statements, Balance sheets
- Business Tax records, schedules, returns, etc.
- Club memberships
- Medicare card
- Car registration and Drivers license
- Social Insurance card
- Canadian citizenship card
- Permanent immigrant status card
- Trusts naming the decedent as beneficiary
- Newspaper and magazine subscriptions
5. Look after the funeral and service wishes of the decedent: Body
exposure, casket choice, headstone, plaques, flowers, limosines, Church
service(s), burial arrangements, cremation arrangements, pre-post
funeral receptions, etc.
6. Organize and schedule the formal reading of the Will. Explain who is
to get what, when and how. Clarify the responsibilities and obligations of the
Executor/Liquidator. See a Notary.
7. Write letters to all of the above parties and agencies who are
affected by the death of the decedent, providing them with proof of
death, proof of assets held and requesting information on what is
required by each to change over records or transfer ownership.
8. Prepare a detailed Inventory of the Estate assets and liabilities. See a Notary.
9. Publish a Notice of Consultation of the Inventory.
10. Determine if the Estate is solvent or insolvent.
11. Contact the Beneficiaries and/or Heirs to identify if they wish to
accept the estate or whether they intend to renounce it. For the
latter, see a Notary.
12. Arrange for the Probate of the Will, if applicable. See a Notary.
13. Contact Company pension plan administrators, Government pension plans and RRSP holders to begin the transfer process.
14. Contact a Notary to begin the Real estate or Business transfer
process. Identify if any of the properties need to be sold to satisfy
payment of inheritances. Set up new ownership structures, management
arrangements, shareholder agreements, etc.
15. Prepare Provincial and Federal Income Tax returns:
- for the Decedent
- for the Estate
- for the year of death
- for each year of settlement
16. Make special Tax elections for RRSP's or RRIF's and any other assets subject to rollovers or deferrals.
17. Obtain Clearance certificates from both levels of Government, before distributing any money.
18. Prepare an interim rendering of account, explaining all inflows and outflows of funds.
19. Pay out any sums of money designated as Particular legacies.
20. Transfer any other assets belonging to the Decedent such as cars, boats, motorcycles, snowmobiles, etc.
21. Prepare a final rendering of account. Ensure that all accounts balance to the penny.
22. Prepare a Partition plan if the assets are not neatly divideable. See a Notary.
23. Receive releases from liability for the distributions authorized.
24. Photocopy all key deeds and documents for your file before handing over the originals to the eventual owners.
The above is a summary of the key steps involved in settling a simple estate.
If you need assistance with any of the above or with more complex estate issues, please feel free to contact us.
Mtre. Robert D. Snowdon, Notary
Snowdon & Associates Beaconsfield, Montreal (West Island), QC, Canada Key Contact: Mtre. Robert D. Snowdon, Notary
B.A., B.C.L., LL.B., LL.M., M.B.A., Fin.Pl., TEP
Tel.: (514) 630-9852
Directions: www.google.ca/maps for 186 Sutton place, Beaconsfield, Montreal, Quebec
