Difference between revisions of "Glossary for Being an Executor"

Revision as of 21:55, 12 February 2016

This information applies to British Columbia, Canada. Last reviewed for legal accuracy by People's Law School in January 2016.

Assets: What the deceased owned. Assets can include things such as money, land, investments, and personal possessions such as jewelry and furniture.

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

Debts: What the deceased owed at death. These may include credit card balances, loans, and mortgages. Also called “liabilities.”

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

Estate administrator: A person appointed by the court to take charge of an estate where the executor is unable or unwilling to act, or there is no valid will.

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.

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

Probate: A legal procedure that confirms a will is legally 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.

Renounce: To decline an appointment as executor.

Residue: The residue of the estate is whatever is left over after the executor pays all the debts and expenses and distributes any specific gifts.

Trust: A part of the estate that is set aside in the will to provide ongoing income for a beneficiary, often a child.

Will: A legal document that leaves instructions about what the person making the will wants done with their assets and obligations after they die.

Will-maker: A person who makes a will.

Being an Executor © People's Law School is, except for the images, licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International Licence.

@@ Line 1: / Line 1: @@
+{{REVIEWEDPLS | reviewer = [[People's Law School]] |date= January 2016}}
 {{Being an Executor TOC}}
+;Assets: What the deceased owned. Assets can include things such as money, land, investments, and personal possessions such as jewelry and furniture.
-; estate administrator: The person who applies to and is appointed by the court to take charge of an estate. 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.
+;Beneficiary: A person designated to receive money or property in a will, benefit plan, or insurance policy.
-;affidavits: A written statement that contains important facts you want the judge in court to know about.
+;Debts: What the deceased owed at death. These may include credit card balances, loans, and mortgages. Also called “liabilities.”
-;assets: What you own. Assets can include things such as money, land, investments, and personal possessions such as jewellery and furniture.
+;Estate: All of the property and belongings owned by the deceased, with some exceptions. The estate does not include property owned with someone else jointly (such as a joint bank account) or property which has a designated beneficiary (such as an insurance policy).
-;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.
+;Estate administrator: A person appointed by the court to take charge of an estate where the executor is unable or unwilling to act, or there is no valid will.
-;bond: A bond insures the value of the estate.
+;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.
-;debts: What you owe. Also called liabilities. At death, these may include credit card balances, loans, and mortgages.
+;Intermeddled: To interfere in the affairs of others. In the context of an estate, to deal with the assets or liabilities of the deceased.
-;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.
+;Probate: A legal procedure that confirms a will is legally 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.
-;executor: The person you name in your will who is responsible for managing your estate and for carrying out the instructions in the Will.
+;Renounce: To decline an appointment as executor.
-;intermeddled: To interfere in the affairs of others. Particularly with the assets or liabilities of the deceased.
+;Residue: The residue of the estate is whatever is left over after the executor pays all the debts and expenses and distributes any specific gifts.
-;probate: A legal procedure that confirms the will can be acted on and authorizes the executor to act.
+;Trust: A part of the estate that is set aside in the will to provide ongoing income for a beneficiary, often a child.
-;residue: The part of an estate that is left after the payment of charges, debts, and bequests.
+;Will: A legal document that leaves instructions about what the person making the will wants done with their assets and obligations after they die.
-;trust: A part of your estate that is set up to ensure ongoing income for a beneficiary, usually a dependent child.
+;Will-maker: A person who makes a will.
-;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.
-{{REVIEWED | reviewer = [[People's Law School]], 2014}}
 {{Being an Executor Navbox}}

Difference between revisions of "Glossary for Being an Executor"

Revision as of 21:55, 12 February 2016

Navigation menu

Search