Glossary for Being an Executor

Estate Administrator

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

important facts you want the judge in court to know about.

Assets

What you own. Assets can

include things such as money, land, investments, and personal possessions such as jewelry and furniture.

Beneficiary

A person who, under the terms

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

estate.

Debts

What you owe. Also called

liabilities. At death, these may include credit card balances, loans, and mortgages.

Estate

All of the property and belongings

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

who is responsible for managing your estate and for carrying out the instructions in the Will.

Intermeddled

To interfere in the affairs of

others. Particularly with the assets or liabilities of the deceased.

Probate

A legal procedure that confirms

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

to ensure ongoing income for a beneficiary, usually a dependent child.

Trustee

The person or company you

name to manage a trust.

Will

A document, conforming to the

requirements of British Columbia law, that contains directions for the disposal or distribution of a person’s assets after his or her death.

In law, the re-examination of a term of an order or agreement, usually to determine whether the term remains fair and appropriate in light of the circumstances prevailing at the time of the review. In family law, particularly the review of an order or agreement provided for the payment of spousal support. See "de novo," "family law agreements," "order" and "spousal support."

In law, all of the personal property and real property that a person owns or in which they have an interest, usually in connection with the prospect or event of the person's death.

The person responsible for carrying out the instructions in a will and wrapping up a deceased person's estate and debts. The lovely feminine form of the word is "executrix," though the masculine form is commonly applied to executrices and executors both. See "estate," "testator," and "will."

A person appointed by the federal or provincial government to manage and decide court proceedings in an impartial manner, independent of influence by the parties, the government, or agents of the government. The decisions of a judge are binding upon the parties to the proceeding, subject to appeal.

Real property; a parcel of real property and the buildings upon it. See also "chattel," "ownership" and "possession."

Something which can be owned. See "chattels" and "real property."

(1) A person for whom a trustee holds a trust, or (2) the recipient or intended recipient of property given in a will. See "heir" and "trust."

In law, the directions given by a client to their lawyer about either the conduct of their affairs or a court proceeding.

(1) Intentionally doing a thing, or (2) a law passed by a government, also called "legislation" or a "statute." See "regulations."

A person who is younger than the legal age of majority, 19 in British Columbia. See "age of majority."

In law, a form of possession of property in which a "trustee" keeps and manages property for the benefit of another person, the "beneficiary," without owning that property and usually without acquiring an interest in that property other than as payment for their services. The trustee holds the property in trust for the beneficiary. See "constructive trust," "ownership," "possession" and "resulting trust."