5,109
edits
Difference between revisions of "Wills Glossary (16:App C)"
From Clicklaw Wikibooks
Wills Glossary (16:App C) (view source)
Revision as of 17:17, 16 August 2021
, 17:17, 16 August 2021no edit summary
| Line 31: | Line 31: | ||
'''Executor''' | '''Executor''' | ||
*a person appointed to manage the estate of a person who has died leaving a will | *a person appointed by will to manage the estate of a person who has died leaving a valid will. The executor must ensure that the person's desires expressed in the will are carried out. Practical responsibilities include gathering up and protecting the assets of the estate, obtaining information in regard to all beneficiaries named in the will and any other potential heirs, collecting and arranging for payment of debts of the estate, approving or disapproving creditor's claims, making sure estate taxes are calculated, forms filed and tax payments made, and in all ways assisting the lawyer for the estate (which the executor can select) | ||
'''Express powers''' | '''Express powers''' | ||
| Line 49: | Line 49: | ||
'''Living will''' | '''Living will''' | ||
*a document in which a person appoints another as | *a document in which a person appoints another as his/her proxy or representative to make decisions on maintaining extraordinary life-support if the person becomes too ill, is in a coma or is certain to die. Living wills are not legally valid in B.C. The B.C. equivalent document is called a “Representation Agreement” | ||
'''Mirror wills''' | '''Mirror wills''' | ||
| Line 58: | Line 58: | ||
'''Personal representative''' | '''Personal representative''' | ||
*the individual | *either the Executor named in the will of a deceased individual or a court-appointed Administrator; charged with administering and distributing the estate | ||
'''Probate''' | '''Probate''' | ||
| Line 70: | Line 70: | ||
'''Tenancy in common''' | '''Tenancy in common''' | ||
*the title to real property held by two or more persons, in which each has an "undivided interest" in the property and all have an equal right to use the property, even if the percentage of interests are not equal or the living spaces are different sizes. Unlike "joint tenancy," there is no "right of survivorship" so that if one of the tenants in common dies, | *the title to real property held by two or more persons, in which each has an "undivided interest" in the property and all have an equal right to use the property, even if the percentage of interests are not equal or the living spaces are different sizes. Unlike "joint tenancy," there is no "right of survivorship" so that if one of the tenants in common dies, each interest may be separately sold, mortgaged or willed to another | ||
'''Testamentary capacity''' | '''Testamentary capacity''' | ||
