Glossary for Being an Executor: Difference between revisions

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{{TOC Being an Executor}}
{{REVIEWEDPLS | reviewer = [[Stephen Hsia|Stephen Hsia]]|date= January 2019}}{{Being an Executor TOC}}
;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: The person who applies to and is appointed by the court to take charge of an estate, in accordance with the Estate Administration
;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.  
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.
;Beneficiary: A person who is to receive money or property in a will, benefit plan, or insurance policy.


;assets: What you own. Assets can include things such as money, land, investments, and personal possessions such as jewelry and furniture.
;Debts: Money that a person owes. For example, a credit card balance, a car loan, or a mortgage.


;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: 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).


;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.
;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.


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


;intermeddled: To interfere in the affairs of others. Particularly with the assets or liabilities of the deceased.
;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.


;probate: A legal procedure that confirms the Will can be acted on and authorizes the executor to act.
;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.


;residue: The part of an estate that is left after the payment of charges, debts, and bequests.
;Renounce: To decline an appointment as executor.


;trust: A part of your estate that is set up to ensure ongoing income for a beneficiary, usually a dependent child.
;Residue: Whatever is left over in an estate after the executor pays all the debts and expenses and distributes any specific gifts.  


;trustee: The person or company you name to manage a trust.
;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 document, conforming to the requirements of British Columbia law, that contains directions for the disposal or distribution of a
;Will: A legal document that gives instructions about who should receive the property of the will-maker after they die, and on what conditions.
person’s assets after his or her death.


 
;Will-maker: A person who prepares and signs a will.
{{REVIEWED | reviewer = [[People's Law School]], 2014}}


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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.
Being an Executor
This page is from
Being an Executor.
See the full contents.
Contents
Being Asked to Be an Executor
Ten Steps to Being an Executor
Probating the Will
Where to Get Help
Glossary
About ‎
From
Visit more from
People's Law School
People's Law School
People's Law School
v • d • e
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.
v • d • e
Being Asked to Be an Executor
Ten Steps to Being an Executor
Probating the Will
Resources
About



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