Wills & Estates

Bequest

A gift of personal property by will.

Capital Loss

The loss incurred when a capital asset is sold for a lower price than the purchase price.

Capital Beneficiary

A Beneficiary entitled to the capital of a trust.

Testamentary Trust

A Will can have a trust written into it, called a Testamentary Trust, which is set into motion by the Court after the Will reaches a certain point of execution, and is used only after the death of the person whose estate is represents.

Grant of Probate

A certificate, issued by the court, granted to the executor that confirms authority to administer an estate.

Urn

A container into which cremated remains are placed, made of metal, wood, or stone.

Probate

A court procedure for settling the personal and business affairs of a decedent by formally proving the validity of a will and establishing the legal transfer of property to beneficiaries, or appointing an administrator and supervising the legal transfer of propertyt to heirs if there is no valid will.

Present Gift

A donation to charity made at present time, not in the future.

Deferred Gift

A donation to charity that you make plans for now but pay in the future. A deferred gift is usually paid after death.

Life Interest

A form of property ownership, also known as a life estate, giving the holder (the life tenant) an interest in the property to possess, use and enjoy the property, or income from the property, for the duration of their life. Upon the death of the holder, the remainder interest automatically reverts to the original owners or passes to a beneficiary (known as the remainder person).

Endowment Fund

A fund whose principal must be maintained inviolate but whose income may be expended. An endowment fund is accounted for as a trust fund.

Specific Divise

A gift left in a Will of a particular item including real property, personal property, or cash.

Gift in Kind

A gift of an asset that is not money.

Gift to the Crown

A gift to a provincial or federal government or crown establishment.

Specific Bequest

A gift under a Will of a specific item of personal property or a specific cash amount.

Mausoleum

A large burial chamber, usually above ground.

Enduring Power of Attorney

A legal document granting a named person the authority to act on your behalf which remains in force until cancellation or death even if you become mentally incapable of dealing with your own affairs.

Limited Power of Attorney

A legal document that empowers the trade manager to deal with various parties of the transaction on behalf of the owner of the funds (the Principal). Transactions will not happen without this instrument.

Inter vivos

A living trust.

Per Stirpes

A method of dividing an estate so that children act as a group, rather than individually, taking what their deceased ancestor was entitled to.

Trustee

A person (or institution) to whom legal title to property is entrusted to use for another's benefit.

Executor

A person appointed by a testator to carry out the terms of a will.

Creditor

A person to whom money is owed by a debtor; someone to whom an obligation exists.

Administrator

A person who administers the estate of a person deceased. The administrator is appointed by a court and is the person who would then have power to deal with the debts and assets of a person who died intestate. Female administrators are called "administratrix" An administrator is a personal representative.

Guardian

A person who cares for a persons property.

Personal Representative

A person who has the authority to administer a deceased individual's estate (e.g. an executor named in a will or a person with Letters of Administration from a court).

General Power of Attorney

A power of attorney authorizing the agent to carry on business or an enterprise for the principal.

Coroner

A public official who investigates by inquest any death not due to normal causes.

Alternative Appointment

A secondary executor appointed in the case that the primary executor is unable or unwilling to perform his or her duties.

Capital Cost Allowance

A taxation term, equivalent to depreciation, that makes allowance for the wearing away of a fixed asset.

Revocable Trust

A trust the can be changed after it it established. Assets can be added or removed from the corpus of the trust, the beneficiary(ies) can be changed, and other changes including termination of the trust, are allowed. A revocable trust becomes irrevocable upon the death of the grantor.

Spousal Trust

A trust, which entitles the spouse to all income for his or her lifetime.

Irrevocable Trust

A type of trust that cannot be revoked or changed.

Living Will

A written document, which states the wishes of an individual in advance concerning the use of life saving devices and procedures in the event that the person is terminally ill or has suffered an injury and is no longer competent.

Residue

All that remains of your estate after all specific and pecuniary bequests have been made, and all taxes and any outstanding debts have been paid. Residuary Beneficiary The beneficiary designated to receive all estates residue.

Codicil

An amendment or supplement to a will. It must be executed with all the legal formalities of the will itself.

Precedent

An example that is used to justify similar occurrences at a later time.

Mental Incapacity

An inability through mental disorder or mental retardation of any sort to carry on the everyday affairs of life or to care for one's person or property with reasonable discretion.

Monument

An upright memorial, including what used to be called a tombstone, also includes large structures like obelisks, usually name from granite

Personal Property

Any property that is not real property e.g., cars, boats, furniture, appliances, and mobile homes not affixed to land are all personal property.

Casket

Box in which a corpse is buried or cremated.

Assets

Cash, securities, accounts receivable, inventory, office equipment, a house, a car and other property.

Palliative Care

Concentrates on your quality of life and that of your family. It focuses on controlling pain and other symptoms, and meetings a person's social, emotional, and spiritual needs.

Letters Probate

Court grant confirming the Executor named in the Will. Includes the official transcript of the Will. Life insurance An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured.

Natural Death

Death by means other than an accident or homicide.

Devise

Devolve, pass on or delegate to another.

Estate

Everything you own; all of your assets (whether real property or personal property) and liabilities.

Autopsy

Examination of a body after death.

Consanguinity

Genetic relationship

Testate

Having made or left a valid Will.

Annuity

Income from capital investment paid in a series of regular payments; "his retirement fund was set up to be paid as an annuity"

Incapable/incompetent

Lacking the necessary ability, capacity, or power.

Real Property

Land and anything permanently affixed to the land; including structures, trees, minerals, and the interest, benefits and rights thereof.

Letters of Administration with Will Annexed

Legal document issued by a court that shows an administrator's legal right to take control of assets in the deceased person's name in the case that the named executor is unable or unable to fulfil his or her duties.

Letters of Adminstration

Legal document issued by a court that shows an administrator's legal right to take control of assets in the deceased person's name.

Power of Attorney

Legal document that authorizes another person to act on one's behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time.

Life Support

Medical equipment that assists or replaces important bodily functions and so enables a patient to live who otherwise might not survive; "the patient is on life support"

Fiduciary

One who is entrusted

Testator

Person who makes a valid Will.

Trust

Property is held and managed by a person (trustee) for the benefit of another (the beneficiary). The terms of the trust are generally governed by a contract which you, the grantor, have prepared when you establish the trust.

Legacy

Property or money bequeathed to someone in a will.

Personal Care

Refers to assistance provided by another person to help with walking, bathing, eating, and other routine daily tasks. It is provided by aides who are not medical professionals but are trained to help with these tasks.

Commissioner for Taking Oaths

Someone authorized by the province to swear or "commission" affidavits. Lawyers and court clerks are commissioners for oaths. Often banks and real estate offices have commissioners.

Agent for Executor

Steps in and administrate all or part of the estate, thereby relieving the named executor of as many tasks associated with estate administration as required or wished.

Cash Surrender Value

The amount of money you may be entitled to receive from the insurance company when you terminate a life insurance or annuity policy. The amount of cash value will be determined as stated in the policy.

Surrogate Court

The court responsible for appointing personal representatives and normally involved when problems arise during the administration of an estate.

Fair Market Value

The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.

Planned Giving

The integration of personal, financial, and estate planning concepts with the individual donor's plans for lifetime or testamentary giving.

Next of Kin

The nearest blood relative of a deceased.

Vault

The outer burial container which houses the casket into a below ground burial space. Usually made of concrete, steel, or copper.

Beneficiary

The person designated to receive the income from trust, estate, or a deed of trust.

Intestate Distribution

The process of distributing an estate, with a preset formula, in the case that an individual dies without a valid will

Interment

The process whereby a casketed body in placed into a burial vault in a grave.

Capital Gain

The profit realized when a capital asset is sold for a higher price than the purchase price.

Transmission

The transfer of a signal, message, or other form of information from one location to another.

Notarized or Notarial Copy

To certify or attest to (the validity of a signature on a document, for example) as a notary public.

Intestate

To die without making a will or leaving instructions for disposal of your property after death.

Capital

Wealth in the form of money or property owned by a person or business and human resources of economic value.

Deemed Disposition

When CCRA deems that you have disposed of all your assets on your death and that any capital gains would be then deemed realized and tax would therefore be due.

Escheat

Where property is returned to the government upon the death of the owner because there is nobody to inherit the property.

Affidavit

Written declaration made under oath; a written statement sworn to be true before someone legally authorized to administer an oath.