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Tuesday September 7, 2010
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Glossary of terms used on this site

There are 32 entries in this glossary.
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Term Definition
Administrator

The Administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. Where a person dies intestate the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down at law. Such a person is known as the administrator of the estate and will enjoy similar powers to those of an executor under a will.

Attorney

The term refers to the person or persons you have chosen to act on your behalf who is called your ?attorney?. He or she does not have to be a lawyer.

Capacity

The capacity of both natural and artificial persons determines whether they may make binding amendments to their rights, duties and obligations, such as getting married or merging, entering into contracts, making gifts, or writing a valid will.

Charitable Organization

A charitable organization (also known as a charity or foundation) is a trust, company or unincorporated association established for charitable purposes only. (Trusts or bodies established partly for charitable purposes are sometimes considered as, or treated as, charities: this is a matter of definition.)

Codicil

A codicil is a document that amends, rather than replaces, a previously executed will. Amendments made by a codicil may only add or revoke a few small provisions (e.g., after something is sold or bought), or completely change the majority of the devises and bequests. Each codicil must contain the same legal requirements as the original will, such as the signatures of the testator and two or three disinterested witnesses.

Death

Death is the full cessation of vital functions in the biological life. This article discusses death in the biological sense of the term, and its place in various cultures.

Donation

Donation is a gift to a fund or cause, typically for charitable reasons. Donations are transfers, or gifts, given without return consideration. Sometimes people make monetary donations in memory of somebody who has died. When somebody dies, the survivors sometimes request that donations be made to a specific charity in memory of the deceased person, usually related to what the person did in his/her life or how he/she died. This is sometimes done by people if they cannot go to the ceremonies.

Escheat

Escheat is a common law doctrine that operates to ensure that property is not left in limbo and ownerless. It originally referred to a number of situations where a legal interest in land was destroyed by operation of law, so that the ownership of the land reverted to the immediately superior feudal lord. Where escheat still operates as a doctrine of land law, there are unlikely to be any feudal lords to take property on an escheat, so that in practice the recipient of an escheated property is the Crown.

Executor

The person responsible for following your instructions and settling your estate. Executor (male) or executrix (female) is also a legal term referring to a person named by a maker of a will, or nominated by the testator, to carry out the directions of the will. Typically the executor is the person responsible for offering the will for probate, although it is not absolutely required that he or she do so. The executor's duties also include the disbursement of property to the beneficiaries as designated in the will, obtaining information about any other potential heirs, collecting and arranging for payment of debts of the estate and approving or disapproving creditor's claims. An executor also makes sure estate taxes are calculated, necessary forms are filed and tax payments made, and in all ways assists the attorney for the estate. Also the executor makes all donations as left in bequests to charitable and other organizations as directed in the will. In most circumstances the executor is the representative of the estate for all purposes, and has the ability to sue or be sued on behalf of the estate. The executor also holds legal title to the estate property, but may not use that property for the executor's own benefit unless expressly permitted by the terms of the will.

Fiduciary

The fiduciary duty is a legal relationship between two or more parties (most commonly a "fiduciary" or "trustee" and a "principal" or "beneficiary"). A fiduciary duty is the highest standard of care imposed at either equity or law. A fiduciary is expected to be extremely loyal to the person they owe the duty (the "principal"): they must not put their personal interests before the duty, and must not profit from their position as a fiduciary, unless the principal consents. The fiduciary relationship is highlighted by good faith, loyalty and trust.

Guardian

A person you would like who lawfully has the power and duty to take care of the children, property and rights in the case of your death or the other parents death while the children are under the age of majority.

Heir

In common law jurisdictions an heir is a person who is entitled to receive a share of the descedent's property via the rules of inheritance in the jurisdiction where the descedent died or owned property at the time of his death.

Inheritance

Inheritance is the practice of passing on property, titles, debts, and obligations upon the death of an individual. It has long played an extremely important role in human societies

InheritanceTax

Inheritance tax, estate tax and death duty are the names given to various taxes which arise on the death of an individual. Canada has had no inheritance taxes. Instead, inheritance is treated as a disposal subject to the same capital gains taxation as, for example, the sale of the asset.

Intestacy

Intestacy is the condition of the estate of a person who dies owning property greater than the sum of his or her enforceable debts and funeral expenses without having made a valid will or other binding declaration; alternatively where such a will or declaration has been made, but only applies to part of the estate, the remaining estate forms the "Intestate Estate". Intestacy law, also referred to as the law of descent and distribution or intestate succession statutes, refers to the body of common law that determines who is entitled to the property from the estate under the rules of inheritance.

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