Glossary for Being an Executor
Revision as of 21:55, 12 February 2016 by Drew Jackson (talk | contribs)
| This information applies to British Columbia, Canada. Last reviewed for legal accuracy by People's Law School in January 2016. |
- Assets
- What the deceased owned. Assets can include things such as money, land, investments, and personal possessions such as jewelry and furniture.
- Beneficiary
- A person designated to receive money or property in a will, benefit plan, or insurance policy.
- Debts
- What the deceased owed at death. These may include credit card balances, loans, and mortgages. Also called “liabilities.”
- Estate
- All of the property and belongings owned by the deceased, with some exceptions. The estate does not include property owned with someone else jointly (such as a joint bank account) or property which has a designated beneficiary (such as an insurance policy).
- Estate administrator
- A person appointed by the court to take charge of an estate where the executor is unable or unwilling to act, or there is no valid will.
- Executor
- The person named in a will to carry out the instructions in the will and settle the will-maker’s affairs after they die.
- Intermeddled
- To interfere in the affairs of others. In the context of an estate, to deal with the assets or liabilities of the deceased.
- Probate
- A legal procedure that confirms a will is legally valid and can be acted on. It allows financial institutions and others to rely on the will as being the last will made by the deceased.
- Renounce
- To decline an appointment as executor.
- Residue
- The residue of the estate is whatever is left over after the executor pays all the debts and expenses and distributes any specific gifts.
- Trust
- A part of the estate that is set aside in the will to provide ongoing income for a beneficiary, often a child.
- Will
- A legal document that leaves instructions about what the person making the will wants done with their assets and obligations after they die.
- Will-maker
- A person who makes a will.
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