Administration
The court-supervised distribution of an estate during probate. Also used to describe the same process for a trust after the grantor dies.
Administrator
Person named by the court to represent a probate estate when there is no will or the will did not name an executor.
Beneficiary
A person designated as the recipient of funds or other property under a will, trust, insurance policy, etc.
Builders liens
A claim made against a property by a contractor or other professional who has supplied labor or materials for work on that property. Construction liens are designed to protect professionals from the risk of not being paid for services rendered.
Children’s Trust
A trust included in your living trust. If, when you die, a beneficiary is not of legal age, the child’s inheritance will go into this trust. The inheritance will be managed by the trustee you have named until the child reaches the age at which you want him/her to inherit.
Codicil
A written change or amendment to a Will.
Committee
A person to whom a charge or trust is committed. A body of persons delegated to consider, investigate, take action on, or report on some matter; especially a group of fellow legislators chosen by a legislative body to give consideration to legislative matters.
Conveyance
The branch of law dealing with the examination of property titles and the drawing of documents for the conveyance of property.
Cy-pres
As near as possible to the testator’s or donor’s intentions when these cannot be precisely followed.
Disinherit
To prevent someone from inheriting from you.
Executor
Person or institution named in a will to carry out its instructions. Female is executrix. Also called a personal representative.
Fiduciary
Person having the legal duty to act primarily for another’s benefit. Implies great confidence and trust, and a high degree of good faith. Usually associated with a trustee.
Estate
Estate means all the property of which a deceased had power to dispose by will, otherwise than by virtue of a special power of appointment, less the amount of the deceased’s funeral, testamentary and administration expenses and debts and liabilities that are payable out of the deceased’s estate on his or her death.
Joint Ownership
A form of ownership in which two or more persons own the same asset together. Types of joint ownership include joint tenants with right of survivorship, tenants in common, and tenants by the entirety
Joint Tenants with Right of Survivorship
A form of joint ownership in which the deceased owner’s share automatically and immediately transfers to the surviving joint tenant(s).
Land Trust
Often used for privacy. Title is transferred to a corporate trustee or corporation, but you keep control over how the property is managed. Because the title is in the name of the corporate trustee or corporation, no one knows the property belongs to you. In all financial transactions and dealings, your personal name never comes up. Also called a title holding trust.
Litigation
The act or process of bringing or contesting a legal action in court.
Power of Attorney
A legal document giving someone legal authority to sign your name on your behalf in your absence. Ends at incapacity (unless it is a durable power of attorney) or death.
Probate
The legal process of validating a will, paying debts, and distributing assets after death.
Probate Estate
The assets that go through probate after you die. Usually these include assets you own in your name and those paid to your estate. Usually does not include assets owned jointly, payable-on-death accounts, insurance and other assets with beneficiary designations. Assets in a trust also do not go through probate.
Representation Agreement
In British Columbia, a Representation Agreement is the only way to authorize someone to assist you or to act on your behalf for health care and personal care matters. It can also cover routine financial affairs and legal matters.
Testator
A person who has made a will or given a legacy.
Trust Company
An institution that specializes in managing trusts. Also called a corporate trustee.
Trustee
Person or institution who manages and distributes another’s assets according to the instructions in the trust document.
Will
A legally enforceable declaration of how a person wishes his or her property to be distributed after death. In a will, a person can also recommend a guardian for his or her children.