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Home > Settling the Estate > What do all the terms mean? |
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What do all the terms mean?
While you are in the process of administering the estate, you may come across some of the following terms: Testator/Testatrix: A man/woman who has made a Will before death Beneficiary: The recipient of funds, property, or other benefits from a Will or Trust Trustee: The individual or trust company that holds legal title to property for the benefit of someone else Letters Probate: A court grant confirming that a Will is recognized as valid. In Québec, a notarial Will does not require probate. Codicil: An amendment to a Will Joint Tenancy with Right of Survivorship: Ownership of property by two or more people in which the survivors automatically gain ownership of the Deceased’s interest Tenancy in Common: Ownership of property by two or more people in which each tenant’s undivided interest is distributable at death to his heirs Intestate: Dying without a valid Will Testamentary Trust: A trust established by the Will of a Deceased individual Executor or Estate Trustee: The term “Executor or Estate Trustee” is referred to as a “Liquidator” in Québec. The person or trust company appointed or named to administer the Deceased’s estate. |
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