Glossary for Preparing Your Will

From Clicklaw Wikibooks


assets
What you own. Assets can include things such as money, land, investments, andpersonal possessions such as jewelry and furniture.
beneficiary
Person or organization you leave something to in your Will.
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. 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 appoint to carry out the instructions in your Will.
joint tenancy
When two or more persons are equally owners of some property.
power of attorney
A legal document outlining the specific duties for which the power of attorney is granted.
probate
A legal procedure that confirms the Will can be acted on and authorizes the executor to act.
public guardian and trustee
Operates under provincial law to protect and provide 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.
RRIF
The Registered Retirement Income Fund plan is designed to provide people with a constant income flow through retirement from the savings in their RRSPs.
RRSP
Registered Retirement Savings Plan is a legal trust registered with the Canada Revenue Agency and used to save for retirement.
spouse
Someone married to another person, or:

(b) has lived with another person in a marriage-like relationship, and

(i) has done so for a continuous period of at least 2 years.

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



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