Difference between revisions of "Glossary for Preparing Your Will"

{{REVIEWEDPLS | reviewer = [[People's Law School]] |date= 2014}}

;Assets: What you own. 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.

;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 two years.