Inventory of property and notice of closure
The liquidator must make an inventory of the succession’s property. Among other things, the inventory will show whether the value of the deceased’s assets is greater than the value of his or her debts.
Generally speaking, the heirs are liable for the deceased’s debts only up to the value of the property they inherit.
Exemption from making an inventory
If all the heirs and successors agree, they may ask the liquidator not to make an inventory. If they do this, they are considered to have accepted the succession and are liable for all the deceased’s debts.
It is not advisable for the heirs to do this, because if the debts exceed the value of the property they receive from the succession, they must pay them out of their personal property.
However, an heir who is required to pay the succession’s debts may apply to the court to have the obligation reduced or to have the liability limited to the value of the property received. In such a case, the heir must prove:
- that he or she is acting in good faith;
- that new information has been obtained (e.g. the appearance of a creditor whose existence could not previously have been known) which significantly alters the extent of the obligation.