Difference between revisions of "Glossary for Being an Executor"
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Revision as of 19:59, 29 May 2014
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- Estate Administrator
The person who applies to and is appointed by the court to take charge of an estate, in accordance with the Estate Administration Act. This can occur when there is no valid Will, or if there is a Will and no executor is named or able to take charge of the estate.
- Affidavits
- A written statement that contains
important facts you want the judge in court to know about.
- Assets
- What you own. Assets can
include things such as money, land, investments, and personal possessions such as jewelry and furniture.
- Beneficiary
- A person who, under the terms
of the Will, receives a benefit, a specific item or sum of money, a life interest in the assets of the estate or a share of the residue.
- Bond
- A bond insures the value of the
estate.
- Debts
- What you owe. Also called
liabilities. At death, these may include credit card balances, loans, and mortgages.
- Estate
- All of the property and belongings
you own at your death. The estate does not include property you own with someone else in joint tenancy, or joint bank accounts. The estate does not include insurance policies, RRSPs or RRIFs, or other things you own which specifically name someone as your beneficiary.
- Executor
- The person you name in your Will
who is responsible for managing your estate and for carrying out the instructions in the Will.
- Intermeddled
- To interfere in the affairs of
others. Particularly with the assets or liabilities of the deceased.
- Probate
- A legal procedure that confirms
the Will can be acted on and authorizes the executor to act. Residue The part of an estate that is left after the payment of charges, debts, and bequests.
- Trust
- A part of your estate that is set up
to ensure ongoing income for a beneficiary, usually a dependent child.
- Trustee
- The person or company you
name to manage a trust.
- Will
- A document, conforming to the
requirements of British Columbia law, that contains directions for the disposal or distribution of a person’s assets after his or her death.