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Losing a loved one is never easy and can generate a number of complications. Very often, a family member is designated as liquidator to the estate (previously known as the will executor). They must take on the heavy task of seeing to the last wishes of the deceased, disposing of assets, paying off debts and distributing what’s left to the beneficiaries, in accordance with the provisions of the last will and testament.

It’s a difficult task, because no one is trained to take on these obligations.

However, what happens when the deceased has more debts than assets?

Have the beneficiaries accepted or refused the bequests?

How can you protect the beneficiaries of the estate who have accepted or deemed to have accepted the estate once calculations have been prepared and the estate turns out to be in deficit?

It would be useful for the liquidator to consult a notary, lawyer or even a licensed insolvency trustee.

To protect beneficiaries, two options may be interesting. The liquidator can go to court for request to file an assignment of property (bankruptcy) for the estate or submit a proposal with the goal of reaching an agreement with the deceased’s creditors.

In both cases, involvement of a Licensed Insolvency Trustee will be necessary.

As each case is different, we encourage liquidators who think the estate is in deficit to consult a Licensed Insolvency Trustee.

Ginsberg, Gingras & Associés Inc. has provided help to many people faced with an estate in debt. We offer your first meeting, whether in person or virtually, at no charge.

To contact us
Phone: 800-567-1905
For an appointment on-line:



We have been offering a friendly ear for more than 40 years.
Our satisfaction rate is outstanding.

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