Term
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Definition
| The process of planning for what happens to your accumulated wealth and to your dependants after you die. |
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Term
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Definition
| A legal doc that describes how you want your property/assets to be distributed when you die. |
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Definition
| An individual who is willed your property. |
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| Executor / Personal Representative |
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Definition
| An individual who is responsible for carrying out the provisions of your will and managing your property until the estate is passed unto your heirs. |
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Term
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Definition
| Someone who looks after your kids that are under 18 when you die. |
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Definition
| The legal procedure that establishes the validity of a will and then distributes the estate's assets. |
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Definition
| An attachment to a will that alters a portion of the will. |
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| Letter of last instructions |
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Definition
| A letter, generally to your surviving spouse, that provides info and directions with respect to the execution of the will. |
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| Enduring Power of Attorney |
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Definition
| A doc that provides for someone to act in your place in the event that you become mentally incapacitated. |
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Definition
| A directive to a doctor that allows you to state your wishes regarding medical attention in the event of an illness/injury that leaves you unable to make the decision. |
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Term
| Joint Tenancy with the right of survivorship |
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Definition
| The surviving co-owner receives all the assets. |
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Term
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Definition
| 2 people share property, when one dies, that person's share goes into his will. |
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Definition
| A legal entity in which some of your property is held for the benefit of another person. |
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Definition
| A trust created during your life. |
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Term
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Definition
| Trust property is held and used for your benefit alone, and income and capital gains generated are taxable in your hands; on your death, it acts like a will in setting out how the trust assets are distributed |
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Term
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Definition
| Spouses can transfer assets to it and remain its only beneficiaries during their lifetimes. |
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Term
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Definition
| A trust created by your will, which becomes active after you die. |
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Term
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Definition
| A trust established to transfer assets to children while allowing the surviving spouse access to funds in the trust if necessary. On the death of the surviving spouse, the funds are distributed tax free. |
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