![]() Probate: The official confirmation of the validity of the Will by the courts, confirming the executor or executrix's legal authority. Power of Attorney (POA): When a person is given full authority over the account(s) of a person, and is granted authority to do anything the account holder can do, except change a beneficiary designation or make a new Will. Next of Kin: The closest related family member(s) of the deceased, which can include a spouse, a civil partner, and any children. Letters of Direction: Provided by the authorized representative as instructions on how to disburse an Estate. Letters of Administration: A legal document issued by the applicable provincial court that names the person appointed to administer a deceased person’s estate when the person died without making a Will. Intestate: When a person passes away without making a Will. Inheritance Tax: Tax that is paid from the Estate of the deceased that must be paid before the Estate is distributed among the beneficiaries. Estate planning is an ongoing process, so Estate plans should be reviewed on a regular basis or when circumstances change.Įstate Trustee: The person appointed under a Will to control and protect the Estate's assets, pay off any debts and distribute the estate assets in accordance with the terms of the Will.Įxecutor, Authorized Representative, or Liquidator (Quebec only): A person who is appointed to carry out the wishes of the deceased, distribute assets, file tax returns, protect property and pay expenses. In some instances, it also involves setting up Trusts and plans for business succession. The strategy is usually accomplished through the writing of a Will and establishing Powers of Attorney and similar documents. ![]() It’s a copy of the entry for the deceased in the province’s death register.ĭesignated Beneficiary: A person who is designated as the beneficiary of a registered product that is not considered part of the Estate.Įstate Account: A chequing or savings account, registered in the name of the Estate that can be used to consolidate the Estate’s assets during the administration period, helping executors manage Estate transactions, including disbursing funds to beneficiaries.Įstate Administrator: A legal term referring to a person appointed by the court to administer the Estate of a deceased person who died without making a Will.Įstate Plan: A written document that outlines an individual’s strategy for the disposition and administration of their property at their death, incapacity or total disability. Beneficiary: A person who inherits all or part of the money or property from someone who has died.ĭeath Certificate: Also known as a funeral director’s certificate, statement of death or provincial certificate of death. ![]()
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