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Beneficiary: |
a person
entitled to benefit under the terms of the
Will.
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Bequest, Legacy
or Devise: |
a
disposition of personal property under the
terms of the Will.
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Codicil: |
a written
addition to a Will that may alter or revoke
provisions in the existing Will; executed by
the testator, with the same formalities as a
Will.
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Custodian: |
a person
or trust company appointed by the court to
care for a child.
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Dependant: |
a spouse,
parent/grandparent, child/grandchild, or
sibling of the deceased to whom the deceased
was providing support or was under a legal
obligation to provide support immediately
prior to his or her death, as defined in
Part V of the Succession Law Reform Act.
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Executor, Executrix: |
a person
named in a Will and legally charged with
carrying out its
Estate Trustee, provisions, or a person
appointed by the court to handle the affairs
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Personal Representative: |
of
someone who dies without leaving a Will.
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Guardian: |
a person
or trust company appointed by the court to
care for the property of a child.
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Holograph Will: |
a Will
written entirely in the handwriting of the
testator and not witnessed.
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Intestate: |
describes
someone who dies without leaving a Will.
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Issue: |
children,
grandchildren, great-grandchildren, and more
remote direct line descendants.
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Life Tenant: |
someone
who has an income interest in an estate
during his or her lifetime.
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Minor: |
a person
under the age of eighteen (18) years.
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Per Capita:
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To share
by heads; one share for each person. This
phrase denotes how an estate or portion of
an estate is to be distributed, e.g., "to my
surviving children in equal shares per
capita" means each living child would
receive one equal share with no gift to the
children of any predeceased child.
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Per Stirpes: |
To share
by stocks of descent by the right of
representation. This phrase denotes how an
estate or portion of an estate is to be
distributed, e.g., "to my surviving issue in
equal shares per stirpes" means each living
child would receive one equal share and the
share of any child who predeceased the
testator would be divided in equal shares
among that child's children who are living.
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Power of Attorney: |
a written
instrument authorizing another to act for
him or her while the person who gave the
power is alive and, may be incapable.
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Remainderer:
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the
person entitled to the remainder of the
estate after the expiration of a previous
interest.
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Residue: |
the
assets remaining in an estate after all of
the debts of the testator and the specific
bequests in the Will have been satisfied.
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Settlor: |
the
person who settles property on an inter
vivos trust. The term testator is used when
the trust is set up in a Will (i.e. a
testamentary trust).
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Survivorship: |
where one
joint tenant becomes entitled to property by
reason of having survived the other joint
tenant who had the other undivided one-half
interest in the property and it is intended
that the rights of survivorship apply.
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Testamentary Capacity: |
the
ability to know and understand the action of
making a Will, the nature and extent of
property which constitutes the estate, and
who should and will benefit under the Will.
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Testate: |
describes
someone who has died leaving a Will.
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Testator (rix): |
someone
who makes a Will.
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Trust: |
an
interest in property held legally by one
person for the benefit of another. There are
various kinds of trusts.
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