Glossary for Preparing Your Will: Difference between revisions

Revision as of 00:16, 6 February 2016

This information applies to British Columbia, Canada. Last reviewed for legal accuracy by People's Law School in 2014.

Advance directive: Written instructions about what health care you want or do not want in the future if you become incapable and a health care decision needs to be made.

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 (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.

@@ Line 13: / Line 13: @@
 ;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.
+;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.
@@ Line 25: / Line 25: @@
 ;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.
+;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 things and obligations after they die.
+;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.