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Will
A will is a legal document outlining how a person (testator) would like the remains of their estate divided between beneficiaries.
Beneficiary
A person or group named in a will to receive a gift or benefit from the estate of the testator after the testator dies.
Designated Beneficiary Asset
A type of asset that is allowed by law to pass directly to a named beneficiary without probate, such as life insurance and RRSPs.
Estate
All of the assets and valuables owned by a person in their name only at death that have not passed either jointly or by direct beneficiary.
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Probate
The process of proving that a will is the true last will of a deceased. Also, the name of the tax applied to the value of an estate that must be paid to unfreeze an estate for distribution.
Executor/Trix (Sole)
The person named in a will to handle the estate of the testator at death.
Joint Executors/Trixes
A person named in a will to act as executor along with someone else.
Administrator
A court-appointed person to look after the estate of someone who dies without a will. Must be applied for and then appointed.
Joint Tenancy
Joint ownership of an asset with rights of survivorship.
Right Of Survivorship
The right of a joint owner of an asset to receive that asset automatically upon the death of another joint owner.
Living Will
A written statement by a person on their pre-decided end-of-life decisions to be followed in case of incapacitation due to illness or injury. Put in place, so a family member does not have to make the decision and prevents fighting within families who differ in decisions to end the life of a critically ill person.
Power Of Attorney
The legal appointment giving a person authority to act on your behalf on certain financial and legal matters should you become physically incapable of dealing with these matters yourself. This appointment ends at the death of the appointer or when you become mentally incapacitated.
Enduring Power Of Attorney
The legal appointment giving a person authority to act on your behalf on certain financial and legal matters should you become mentally incapable of dealing with these matters yourself. This can have an enactment date, such as the diagnoses of a disease such as Alzheimer's or date of unconsciousness. A regular POA will switch to an EPOA when you want it to if specified.
