How do you choose an estate liquidator? If you are planning to make your will, you are sure to ask yourself this question. The estate liquidator is responsible for the administration of the estate. He ensures that the wishes expressed by the deceased in his will are respected. The liquidator’s role is essential in the process of settling an estate. The liquidator is entrusted with duties, obligations and powers, both by the content of the will and by law.
But how do you choose a liquidator for your estate?
Formerly called an executor, the estate liquidator must be thoughtfully chosen. In this article, I set out five criteria to take into account before appointing your liquidator.
A person who has the time
Do you think your cousin Dennis, who works 70 hours a week and always has a new project in mind, would make a good liquidator? Perhaps, but will he have the time to devote to the liquidation of your estate? Liquidation of an estate takes time and requires involvement.
An heir as liquidator
Designate a person who has an interest in the estate, such as an heir. This may allow the liquidator to be fully involved in the liquidation process, since he wishes to receive his inheritance as soon as possible.
A trusted person
It must be a person who will act with honesty and loyalty in respect of your wishes. It is recommended that you choose someone you have trusted for a long time.
A good administrator
Give preference to a person recognized as someone who manages his affairs well, orderly and methodically, because he will notably have to manage correspondence simultaneously with several stakeholders.
Someone not too distant
This criterion applies both geographically and personally. Someone who lives abroad or even in another province could find it difficult to fulfil the various duties inherent in the task of liquidator. Also, choose someone you and your future heirs will get along well with, because they may have to manage complex situations between the heirs during the liquidation.
Do you have questions about liquidation of an estate?
Do not hesitate to contact me at 514-903-8560 or by email at email@example.com. I will be happy to enlighten you as to the complex process of estate liquidation.
Learn more about liquidation of an estate
I invite you to read my article Liquidating an estate step by step.