Difference between revisions of "Glossary for Being an Executor"

Revision as of 22:27, 21 July 2015

estate administrator: The person who applies to and is appointed by the court to take charge of an estate. 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.

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.

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.

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 {{Being an Executor TOC}}
-; estate administrator: The person who applies to and is appointed by the court to take charge of an estate. 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.
+; estate administrator: The person who applies to and is appointed by the court to take charge of an estate. 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.