The ABC’s of Estate Administration

Welcome to our blog, where we are going to delve into the intricate world of estate administration and the crucial role that understanding terminology plays in this process. Whether you are an executor, a beneficiary, or simply someone interested in the subject, grasping the terminology associated with estate administration is essential for ensuring success. So, let's embark on this journey together and unravel the terminology of estate administration. 

Administrator 
A person appointed by the court to administer the estate of a deceased person who did not leave a valid Will. 

Beneficiary 
A person designated to receive something under a Will, registered plan or insurance policy. 

Bequest 
A gift of personal or household belongings to a person named in a Will. 

Codicil 
A legal document amending the Will. 

Estate 
All the assets and liabilities of an individual at the time of death. 

Estate documentation / Probate documents  
The legal documents that are required to settle an estate. 

Executor 
Person(s) named in a Will to administer the estate of the deceased. In Ontario, the executor is known as the estate trustee with a Will.  

Certificate of Appointment 
An order of the court that confirms the executor has the authority to administer a deceased person’s estate.  

Intestate 
When a person dies without leaving a valid Will. 

Joint tenancy with right of survivorship 
A form of property ownership by two or more people with the right of ownership passing to the person or persons who survive. In most cases, property owned in joint tenancy passes to survivors outside of a Will.  

Legacy 
Gifts of cash to beneficiaries named in a Will.  

Probate 

A procedure to ask the court to either give a person the authority to act as the estate trustee of an estate and/or confirm the authority of a person named as the estate trustee in the deceased's will and formally approve that the deceased's will is their valid last will. 

Proof of death 
An original, notarized or certified true copy of a death or burial certificate, Act of Death, Certificate of Death or other evidence of death. 

Residual Beneficiary 
The beneficiary(ies) to whom the remainder of the estate is left. 

Residue 
The portion of an estate remaining after all debts, taxes and expenses have been paid and all specific gifts of cash and personal and real (realty) property have been made. 

Understanding the terminology associated with estate administration is a key factor in ensuring a seamless and efficient process. By familiarizing yourself with the language used in this field, you empower yourself to make informed decisions, effectively communicate with professionals, and navigate the complex legal landscape of estate administration with confidence. Investing time in understanding the terminology will ultimately save you time, money, and potential headaches down the road. So, take the initiative to educate yourself, seek professional advice when needed, and empower yourself to make the most out of the estate administration process.  

Do you have questions about the role of Executor? Another great tool is our new online course called Executor Ready! Executor Ready does just that – gets your Executor ready for the role through ten easy to digest video modules led by our CEO and Founder Debbie Stanley. Click the link to learn more and to get your Executor Ready today!   

This blog is not intended to be legal advice and should not be relied on as such. If you require legal advice, please contact a legal professional concerning your particular circumstances.