Explore the glossary below for a detailed explanation of estate-related terms commonly used during the settlement process.
Lesson Estates and Questrade
Estate glossary of terms
Understand the different terms used during the estates process.
Beneficiary:
A person who inherits all or part of the money or assets/property from someone who has passed away.
Death Certificate:
Also known as a funeral director’s certificate, statement of death or provincial certificate of death.
Designated Beneficiary:
A person who is designated as the beneficiary of a registered product (i.e. RRSP, TFSA) that is not considered part of the estate.
Estate Administrator:
A legal term referring to a person appointed by the court to administer the estate of a deceased person who died with or without making a will.
Estate Trustee (also known as the Executor or Executrix):
The person appointed under a will to control and protect the estate's assets, pay off any debts and distribute the estate’s assets in accordance with the terms of the will.
Executor, 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.
Intestate:
When a person passes away without making a will. In such a case, the distribution of the assets of the deceased are governed by the applicable provincial legislation (since there is no will).
Letters of Administration (also known as a grant of probate or a certificate of appointment of estate trustee with/without a will):
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.
Letters of Direction:
Provided by the authorized representative as instructions on how to disburse/handle an estate’s assets.
Next of Kin:
The closest related family member(s) of the deceased, which can include a spouse, a civil partner, and any children.
Probate:
The official confirmation of the validity of the will (if there is a will) by the courts and the executor or executrix's legal authority to act under the will or to act in accordance with a province’s applicable intestacy rules.
Will:
The legal statement of a person's wishes concerning the disposal of their property after death. Some assets can be passed on without a will – for example, jointly-owned assets such as a home plus life insurance proceeds, and, in some circumstances, registered funds, annuities and pensions.
Note: The information in this blog is for information purposes only and should not be used or construed as financial, investment, or tax advice by any individual. Information obtained from third parties is believed to be reliable, but no representations or warranty, expressed or implied is made by Questrade, Inc., its affiliates or any other person to its accuracy.
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