Preparing ones will is a vital step in ensuring that your wishes are respected upon your death. Your liquidator will have the important responsibility of managing and distributing your estate according to your wishes, and should be chosen carefully.
Who to choose as a liquidator?
The natural choice is often a spouse, adult child, sibling, or close friend. Whoever you choose, they must be able to handle this complex responsibility. If no one close to you is suitable or available, you might consider entrusting this task to a professional, such as a notary, lawyer, or trust company.
Are you thinking of making a universal or residual bequest to the CHU Sainte-Justine Foundation and wondering whether it can act as liquidator? Here are three points to consider.
1. Understanding a liquidator’s responsibilities
Among other things, a liquidator must:
- Faithfully respect the instructions in your will
- Take a full inventory of your estate’s assets and debts
- Settle any debts and pay any taxes due before distributing assets to your heirs
- Manage and administer your assets, including selling real estate and closing bank accounts, if required
- Provide accurate reports to your heirs and to tax authorities such as Revenu Québec and the Canada Revenue Agency
Therefore, your liquidator should be someone organized, detail-oriented, and honest. We strongly recommend that you inform this person of your decision in advance in order to gain their consent.
2. Is it possible to name the CHU Sainte-Justine Foundation as my liquidator?
As an organization, the CHU Sainte-Justine Foundation cannot serve as a liquidator itself. However, it can appoint a competent liquidator when it comes time to settle the estate.
Here is an example of clear and specific wording to include in your will:
“I request that the CHU Sainte-Justine Foundation appoint the liquidator of my estate as well as any eventual replacement, if necessary.”
There are several advantages to having the Foundation appoint your liquidator:
- Administrative simplicity: You won’t have to keep changing your will if your original liquidator can no longer fulfill their role.
- Greater flexibility: The Foundation will select a professional based on the complexity of your estate.
- Neutrality and objectivity: The chosen liquidator will be independent from your heirs, ensuring that your estate is managed impartially and transparently.
To avoid any confusion or administrative issues, always confirm the exact wording with the CHU Sainte-Justine Foundation before finalizing your will.
Important! Be sure to avoid these common mistakes:
- Specifically designating the Foundation’s CEO or Director of planned giving as your liquidator
- Using a legal name that does not match the Foundation’s name
- Designating a particular individual working at the hospital or Foundation as your liquidator
If this solution interests you, please contact the CHU Sainte-Justine Foundation directly so we can assist you and guarantee that your wishes are respected.
3. Informing your loved ones and the CHU Sainte-Justine Foundation of your decision
Openly discussing your will gives you the opportunity to explain yourself and prepare your loved ones, especially if you are planning a donation to the CHU Sainte-Justine Foundation. Talking to them in advance will help them understand your wishes and ensure they are respected.
For the same reasons, it is also important to inform the CHU Sainte-Justine Foundation if you plan to entrust it with the appointment of your liquidator. This ensures the smooth management of your estate in accordance with your wishes, and prevents any delays or administrative complications.
