Glossary for Being an Executor

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.