Difference between revisions of "Glossary for Being an Executor"

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{{Being an Executor}}
{{Being an Executor}}


; Estate Administrator:
; 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
The person who applies to and
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.
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
;affidavits: A written statement that contains important facts you want the judge in court to know about.
important facts you want the
judge in court to know about.


;Assets: What you own. Assets can
;assets: What you own. Assets can include things such as money, land, investments, and personal possessions such as jewelry and furniture.
include things such as money,
land, investments, and personal
possessions such as jewelry and
furniture.


;Beneficiary: A person who, under the terms
;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.
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
;bond: A bond insures the value of the estate.
estate.


;Debts: What you owe. Also called
;debts: What you owe. Also called liabilities. At death, these may include credit card balances, loans, and mortgages.
liabilities. At death, these may
include credit card balances,
loans, and mortgages.


;Estate: All of the property and belongings
;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.
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
;executor: The person you name in your Will who is responsible for managing your estate and for carrying out the instructions in the Will.
who is responsible for managing
your estate and for carrying out
the instructions in the Will.


;Intermeddled: To interfere in the affairs of
;intermeddled: To interfere in the affairs of others. Particularly with the assets or liabilities of the deceased.
others. Particularly with the
assets or liabilities of the
deceased.


;Probate: A legal procedure that confirms
;probate: A legal procedure that confirms the Will can be acted on and authorizes the executor to act.
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
;residue: The part of an estate that is left after the payment of charges, debts, and bequests.
to ensure ongoing income for a
beneficiary, usually a dependent
child.


;Trustee: The person or company you
;trust: A part of your estate that is set up to ensure ongoing income for a beneficiary, usually a dependent child.
name to manage a trust.


;Will: A document, conforming to the
;trustee: The person or company you name to manage a trust.
requirements of British Columbia
 
law, that contains directions for
;will: A document, conforming to the requirements of British Columbia law, that contains directions for the disposal or distribution of a
the disposal or distribution of a
person’s assets after his or her death.
person’s assets after his or her
 
death.
 
{{REVIEWED | reviewer = [[People's Law School]], 2014}}
 
{{Being an Executor Navbox}}
 
{{Creative Commons for PLS
|title = Workplace Bullying and Harassment
|author =
}}
__NOGLOSSARY__

Revision as of 20:05, 29 May 2014

This page is under development.

Template: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.


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


v • d • e
Being Asked to Be an Executor
Ten Steps to Being an Executor
Probating the Will
Resources
About


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