Glossary for Being an Executor: Difference between revisions

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{{Being an Executor}}
;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:
;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.  
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
;Beneficiary: A person who is to receive money or property in a will, benefit plan, or insurance policy.
important facts you want the
judge in court to know about.


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


;Beneficiary: A person who, under the terms
;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).
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
;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.
estate.


;Debts: What you owe. Also called
;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.
liabilities. At death, these may
include credit card balances,
loans, and mortgages.


;Estate: All of the property and belongings
;Intermeddle: To interfere in the affairs of others. In the context of an estate, to deal with the assets or liabilities of the deceased.
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
;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.
who is responsible for managing
your estate and for carrying out
the instructions in the Will.


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


;Probate: A legal procedure that confirms
;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.
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
;Renounce: To decline an appointment as executor.
to ensure ongoing income for a
beneficiary, usually a dependent
child.


;Trustee: The person or company you
;Residue: Whatever is left over in an estate after the executor pays all the debts and expenses and distributes any specific gifts.  
name to manage a trust.


;Will: A document, conforming to the
;Trust: A form of possession of property in which a person (the trustee) holds property for the benefit of another person (the beneficiary).
requirements of British Columbia
 
law, that contains directions for
;Will: A legal document that gives instructions about who should receive the property of the will-maker after they die, and on what conditions.
the disposal or distribution of a
 
person’s assets after his or her
;Will-maker: A person who prepares and signs a will.
death.
 
{{Being an Executor Navbox}}
 
__NOGLOSSARY__

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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