Difference between revisions of "Glossary for Being an Executor"

Latest revision as of 22:55, 21 March 2019

This information applies to British Columbia, Canada. Last reviewed for legal accuracy by Stephen Hsia in January 2019.

Administrator: A person appointed by the court to deal with an estate where the executor is unable or unwilling to act, or there is no valid will.

Assets: Anything a person owns that has value. Assets can include things such as money, land, investments, and personal belongings such as jewelry, furniture, and investments.

Beneficiary: A person who is to receive money or property in a will, benefit plan, or insurance policy.

Debts: Money that a person owes. For example, a credit card balance, a car loan, or a mortgage.

Estate: All of the property and belongings a person owns upon their death, with some exceptions. The estate does not include property owned with someone else jointly (such as a joint bank account) or property that has a designated beneficiary (such as an insurance policy).

Executor: The person named in a will to carry out the instructions in the will and settle the will-maker’s affairs after they die.

Grant of probate: A document issued by the court in a probate application certifying that the will submitted by the executor is legally valid and can be acted on.

Intermeddle: To interfere in the affairs of others. In the context of an estate, to deal with the assets or liabilities of the deceased.

Joint tenancy: A way that property can be owned where each owner has the same interest in and an equal right to use the property. Usually, when one joint tenant dies, their share automatically passes to the other joint tenants.

Probate: A legal procedure to confirm that a will is valid and can be acted on. It allows financial institutions and others to rely on the will as being the last will made by the deceased.

Public Guardian and Trustee: A public body established by law to protect the interests of British Columbians who lack legal capacity to protect their own interests.

Renounce: To decline an appointment as executor.

Residue: Whatever is left over in an estate after the executor pays all the debts and expenses and distributes any specific gifts.

Trust: A form of possession of property in which a person (the trustee) holds property for the benefit of another person (the beneficiary).

Will: A legal document that gives instructions about who should receive the property of the will-maker after they die, and on what conditions.

Will-maker: A person who prepares and signs a will.

@@ Line 1: / Line 1: @@
-{{DEMOWARNING}}
+{{REVIEWEDPLS | reviewer = [[Stephen Hsia|Stephen Hsia]]|date= January 2019}}{{Being an Executor TOC}}
-{{Being an Executor}}
+;Administrator: A person appointed by the court to deal with an estate where the executor is unable or unwilling to act, or there is no valid will.
-; Estate Administrator:
+;Assets: Anything a person owns that has value. Assets can include things such as money, land, investments, and personal belongings such as jewelry, furniture, and investments.
-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
+;Beneficiary: A person who is to receive money or property in a will, benefit plan, or insurance policy.
-important facts you want the
-judge in court to know about.
-;Assets: What you own. Assets can
+;Debts: Money that a person owes. For example, a credit card balance, a car loan, or a mortgage.
-include things such as money,
-land, investments, and personal
-possessions such as jewelry and
-furniture.
-;Beneficiary: A person who, under the terms
+;Estate: All of the property and belongings a person owns upon their death, with some exceptions. The estate does not include property owned with someone else jointly (such as a joint bank account) or property that has a designated beneficiary (such as an insurance policy).
-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
+;Executor: The person named in a will to carry out the instructions in the will and settle the will-maker’s affairs after they die.
-estate.
-;Debts: What you owe. Also called
+;Grant of probate: A document issued by the court in a probate application certifying that the will submitted by the executor is legally valid and can be acted on.
-liabilities. At death, these may
-include credit card balances,
-loans, and mortgages.
-;Estate: All of the property and belongings
+;Intermeddle: To interfere in the affairs of others. In the context of an estate, to deal with the assets or liabilities of the deceased.
-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
+;Joint tenancy: A way that property can be owned where each owner has the same interest in and an equal right to use the property. Usually, when one joint tenant dies, their share automatically passes to the other joint tenants.
-who is responsible for managing
-your estate and for carrying out
-the instructions in the Will.
-;Intermeddled: To interfere in the affairs of
+;Probate: A legal procedure to confirm that a will is valid and can be acted on. It allows financial institutions and others to rely on the will as being the last will made by the deceased.
-others. Particularly with the
-assets or liabilities of the
-deceased.
-;Probate: A legal procedure that confirms
+;Public Guardian and Trustee: A public body established by law to protect the interests of British Columbians who lack legal capacity to protect their own interests.
-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
+;Renounce: To decline an appointment as executor.
-to ensure ongoing income for a
-beneficiary, usually a dependent
-child.
-;Trustee: The person or company you
+;Residue: Whatever is left over in an estate after the executor pays all the debts and expenses and distributes any specific gifts.
-name to manage a trust.
-;Will: A document, conforming to the
+;Trust: A form of possession of property in which a person (the trustee) holds property for the benefit of another person (the beneficiary).
-requirements of British Columbia
-law, that contains directions for
+;Will: A legal document that gives instructions about who should receive the property of the will-maker after they die, and on what conditions.
-the disposal or distribution of a
-person’s assets after his or her
+;Will-maker: A person who prepares and signs a will.
-death.
+{{Being an Executor Navbox}}
+__NOGLOSSARY__

Difference between revisions of "Glossary for Being an Executor"

Latest revision as of 22:55, 21 March 2019

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