Glossary for Being an Executor: Difference between revisions

Revision as of 05:20, 21 March 2019

This information applies to British Columbia, Canada. Last reviewed for legal accuracy by Stephen Hsia in January 2019.

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.

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-{{REVIEWEDPLS | reviewer = [[Helen Low|Helen Low, QC]]|date= January 2016}}{{Being an Executor TOC}}
+{{REVIEWEDPLS | reviewer = [[Stephen Hsia|Stephen Hsia]]|date= January 2019}}{{Preparing Your Will TOC}}
-;Assets: Property owned by a person at their death. Assets can include things such as money, land, investments, and personal possessions such as jewelry and furniture.
+;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.
-;Beneficiary: A person designated to receive money or property in a will, benefit plan, or insurance policy.
+;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.
-;Debts: What the deceased owed at death. These may include credit card balances, loans, and mortgages. Also called “liabilities”.
+;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 owned by the deceased, with some exceptions. The estate does not include property owned with someone else jointly (such as a joint bank account) or property which has a designated beneficiary (such as an insurance policy).
+;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).
-;Estate administrator: A person appointed by the court to take charge of an estate where the executor is unable or unwilling to act, or there is no valid will.
+;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.
-;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.
+;Intermeddle: To interfere in the affairs of others. In the context of an estate, to deal with the assets or liabilities of the deceased.
-;Grant of probate: The court's certification in a probate application that the will submitted by the executor is legally valid and can be acted on.
+;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. In the context of an estate, to deal 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 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 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.
-;Probate fees: In addition to any fees payable to begin a probate application, fees must be paid to the court based on the value of the estate before a grant of probate will be issued.
+;Renounce: To decline an appointment as executor.
-;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.
-;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.
+;Trust: A form of possession of property in which a person (the trustee) holds property for the benefit of another person (the beneficiary).
-;Trust: A part of the estate that is set aside in the will to provide ongoing income for a beneficiary, often a child.
+;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: 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 prepares and signs a will.
-;Will-maker: A person who makes a will.
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Glossary for Being an Executor: Difference between revisions

Revision as of 05:20, 21 March 2019

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