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Difference between revisions of "Glossary for Being an Executor"
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Glossary for Being an Executor (view source)
Revision as of 22:26, 21 July 2015
, 22:26, 21 July 2015no edit summary
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;assets: What you own. Assets can include things such as money, land, investments, and personal possessions such as jewelry and furniture. | ;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 | ;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. | ;bond: A bond insures the value of the estate. | ||
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;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. | ;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 | ;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. | ;intermeddled: To interfere in the affairs of others. Particularly with the assets or liabilities of the deceased. | ||
;probate: A legal procedure that confirms the | ;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. | ;residue: The part of an estate that is left after the payment of charges, debts, and bequests. | ||
