Wills and Estates

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Wills and Estates
2012-02-12 18:31:06

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  1. Will
    A written doc. that expresses the wishes of person making the will as far as the disposition of property upon death.
  2. Estate
    The Real property amd Personal property owned by a person as of the date of his/her death.
  3. Testament
    An idividual's written statement of how his/her Personal Property was to be distributed after death. Term "Will" is now commonly used to refer to disposition of both real and personal property. Formal instrument begins, "THIS IS THE LAST WILL AND TESTIMENT OF..."
  4. Testate
    The state of having a will
  5. Intestate
    The state of not having a will.
  6. Testator
    A male person who has a will.
  7. Testatrix
    A female person who has a will.
  8. Holograph Will
    A handwritten will that is NOT witnessed & are not generally valid.
  9. Executor
    Former term to refer to a male person appointed by the testator in a will, to carry out the wishes of the testator; now called an Estate Trustee or Personal Representative (PR).
  10. Executrix
    Female executor.
  11. Estate Trustee
    A person designated in a will to administer the estate of a testator according to the terms of the testator's will, or a person appointed by the courts to administer the estate of a deceased who died intestate or without having appointed someone to administer the estate.
  12. Beneficiary
    Person designated to receive all or part of the estate under a will.
  13. Power of Attorney
    À legal document by which one person empowers another to represent her/him or to act in her/his place.
  14. Grantor
    Party who gives the power of attoney
  15. Grantee
    Party who gets the power
  16. Next of Kin
    The closest blood relatives of a deceased person.
  17. Surety
    Person or company that promises to satisfy the obligation of another in the event of the other's default.
  18. Affidavit of condition of will
    Sworn statement of a witness to a will verifying the condition of the will at the time of execution; it is made & presented when administering the will.
  19. Wound up
    Final settlement of accounts & affairs of an estate
  20. Passing of Accounts
    The procedure of having estate accounts proved or "passed" by the court
  21. Aministrator
    Person appointed by the court to deal with the affairs of a person who died without a will. Ex the person died intestate.
  22. Adeemed
    Occurs when the testator gives away something in a will to a beneficiary; but at the time of death, the item no longer is owned by the testator.
  23. Agent
    the representative designated by the maker of the Personal Directive (PD)
  24. Bequeath
    To make a gift through a will. Ex. To my son Michael, I bequeath half my estate.
  25. Bond
    As always, a surety or guarantee. When dealing with wills and estates in Alberta, the court may require a bond to be paid into court if the will is being probated in Alberta when the executors are located outside of Alberta.
  26. Codicil
    Legal doc. that amends the terms of a will.
  27. Devise
    Old-fashioned verb meaning "to gift through a will."
  28. Devisee
    A synonym for "beneficiary."
  29. Donor
    Person who is granting power over his/her financial affairs to a representative through a POA.
  30. Guardian
    Person designated by a testator as the person who is to look after the testator's minor children.
  31. Heir
    Another term for "beneficiary."
  32. Immediate
    A POA that takes effect the moment it is signed.
  33. Maker
    Person who is granting power over his/her non-financial affairs to a representative through a Personal Directive.
  34. Personal Representative
    Modern term for executor. Often used when the executor & trustee are the same person.
  35. Precatory Clause
    An uneforceable clause in a will - it contains wishes or desires, usually about funeral & burial arrangements.
  36. Probate
    A court procedure that proves the validity of a will.
  37. Renunciation
    Turning down a job. (Ex. executor) designated by a will, POA, or PD.
  38. Re-Sealing
    Probating a will in 1 jurisdiction after it has been probated in another.
  39. Residue
    What is left over after the estate's debts have been paid & the specific bequests have been disbursed.
  40. Reversion
    The taking back of a gift, usually when a condition is not met.
  41. Revocation
    In Wills & Estates context, the cancellation of a previous will, POA, or PD.
  42. Springing
    A POA that takes effect upon the fulfillment of certain conditions listed in the POA.
  43. Succession
    Act of passing property and/or affairs down the family line.
  44. Testamentary Trust
    A trust that is established by a will.
  45. Testamentary Capacity
    Mental capacity neccessary to make a will & to understand its effects.
  46. Trustee
    Legal adult who supervises & manages the trust until the beneficiary can receive the trust funds.
  47. Trust
    Funds held in trust for the benefit of a person, usually to be disbursed @ a later date. Often set up on the death of a testator who has designated minor children as beneficiaries. The children will receive the trust funds @ an age designated by the testator.
  48. Surrogate Rules
    Details the procedures for probating a will. If deceased had no will, & therefore died intestate, the surrogate rules detailed what happens to the estate.
  49. POA
    Legal document which gives authority to act for another person in legal or financial matters.
  50. Personal Directive (PD)
    Living will, specifies what actions should be taken for their health in the event that they are no longer able to make decisions due to illness.