Wills & estates Flashcards
Will
A legal document which specifies how a person’s assets are to be distributed after his or her death.
Testament
Also known as a will.
Testator
The person who has made the will.
Beneficiary
One of the individuals named in the Will who will receive a part of the Testator’s estate.
Legacy
A piece of property left to a beneficiary.
Executor
A person named in the Will by the testator who is responsible for carrying out the deceased’s wishes.
Dying intestate
Dying w/o a will. The provincial government decides how your assets (your estate) will be divided-and not you.
What are the three types of wills?
Formal, Notarial, Holographic.
Formal will
Typed document, signed by you with the presence of two witnesses.
Notarial will
Similar to formal, used in Quebec, prepared by a notary and signed before the notary and generally one witness.
Holographic will
A will prepared entirely in your handwriting and signed by you w/o witnesses.
What is a Living will
Also known as a personal directive, it states a persons medical wishes they want to receive or not receive while they are incapable.
Power of attorney
A document giving another person (the Attorney) the authority to act on your behalf and look after your financial affairs’ If you lose the mental capacity to make financial decisions, this power of attorney ceases to have effect.
Enduring power of attorney
A document giving another person (the Attorney) the right to look after your financial affairs. An enduring power of attorney will continue to have effect even after you have lost your mental capacity
