Deceased Estate in financial trouble

We received a call from a lawyer asking for help for her client that is an executor for her uncle’s will.

After cleaning up his apartment she opened all his mail to find out he was in significant debt to Canada Revenue Agency (CRA) and many credit card companies.

The total debts were well over $100,000.

The liquidation of all his assets (cash, investments and vehicle) totaled about $20,000 after paying the funeral costs.

We met with the executor and she did not want to file a bankruptcy.  We agreed and she filed a Proposal to creditors.

The creditors gladly accepted the Proposal as it resulted in a final payout that exceeded bankruptcy.

The executor and her lawyer were also paid reasonable testamentary fees in priority to the creditors (including CRA).

A happy solution to a complex problem.

If you or anyone you know is not discharged from bankruptcy, give Lazer Grant a call.