In short
Here are your options if you inherit an insolvent estate, that is, where the deceased person’s debts are greater than the assets bequeathed :
- Accept the estate and become responsible for the deceased person’s debts.
- Renounce the estate by contacting a notary, for a fee.
- Have the estate declare bankruptcy with the help of a licensed insolvency trustee to discharge its debts.
In many situations, there are several advantages to the last option, both in terms of speed and cost. The licensed insolvency trustee will arrange for the sale of any assets of value to pay off the creditors.
To avoid adding stress to the loss of a loved one by having to pay debts, do not hesitate to contact one of our experts who will help you see things more clearly and find the best solution.