Glossary for Preparing Your Will
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Revision as of 23:14, 24 April 2017 by Drew Jackson (talk | contribs)
| This information applies to British Columbia, Canada. Last reviewed for legal accuracy by Helen Low, QC in January 2016. |
- Advance directive
- A document specifying instructions to health care providers about what kind of health care treatment a person does or does not want, including life support or life-prolonging medical interventions.
- Assets
- Property owned by a person at their death. Assets can include things such as money, land, investments, and personal possessions such as jewelry and furniture.
- Beneficiary
- A person that you designate to receive money or property in a will, benefit plan, or insurance policy.
- Codicil
- A document made after the will that changes some things in your will.
- Estate
- All of the property and belongings you own at your death, with some exceptions. The estate does not include property you own with someone else jointly (such as a joint bank account) or property where you have designated a beneficiary (such as an insurance policy).
- Executor
- The person you appoint to carry out the instructions in your will and settle your affairs after you die.
- Notary public
- A public official who is legally authorized to provide advice and prepare documents on certain matters, including wills (so long as they do not create trust terms).
- Power of attorney
- A legal document that enables you to appoint another person to make financial and legal decisions for you.
- 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 you made.
- Public Guardian and Trustee
- An office operating under provincial law that provides support for financial and personal decision-making where there is no one else able to do so.
- Representation agreement
- A legal document to authorize someone to assist you or to act on your behalf for health care and personal care matters. It can also cover routine financial and legal matters.
- 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.
- Spouse
- Two persons who are married to each other, or who have lived together in a marriage-like relationship for at least the two years prior to the death of the will-maker.
- 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.
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