Living Will, Forms of Property Interests, Intestacy and Probate

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Abbreviations

DMC Donatio Mortis Causa (lat.)


A

Administrator: in an intestacy, an individual who has been appointed by the courts to administer the estate of the deceased, with duties similar to an executor or personal representative.


B

Bequeath: to make a gift of personal property.


C

Collateral Heirs: the brothers, sisters, nieces, nephews (including grandnieces and grandnephews) of the deceased.


D

Designated Beneficiary: See named beneficiary.


Donatio Mortis Causa: a gift made in contemplation of death and conditional upon it, such that the transfer is not made until after death.


E

Executor: someone named in a will to act as the legal representative to handle a deceased person’s estate.


F

Four Unities: the four elements that must exist before a joint tenancy is created: unity of possession, unity of interest, unity of time and unity of title.


I

Inter Vivos Gift: a gift made during the lifetime of the donor.


Intestacy: an estate of a deceased who died without a will.


Intestate: dying without a will, also a person dying without a will.


N

Non-estate Asset: an asset that does not fall within the control of the estate cannot be controlled through a will and is not subject to probate.


P

Per Capita: for each person divided equally among all.


Per Stirpes: for each person from whom a family or family branch descends.


Personal Care Decisions: decisions related to those aspects of daily life that are necessary for maintaining your health and well-being.


Personal Representative: see Executor.


Probate: the process whereby a provincial court certifies the validity of a will, if there is one, and confirms the authority of the personal representative, or administrator in the case of intestacy, to administer the estate.


S

Sole Ownership: of an asset, means that an individual has ownership and control to the property, both during life and upon death through the designation of a beneficiary or the provisions of a will.


T

Testacy: an estate left by a deceased who had a will. Also called a testate estate.


Testate Estate: see Testacy.


U

Unity of Possession: one of the four unities required to form a joint tenancy. Each co-owner must have an equal interest in the property. If one of the co-owners subsequently sells a portion of his interest in the property, the unity of interest will be violated and the joint tenancy (presuming one existed) will revert to a tenancy in common.


Unity of Time: one of the four unities required to form a joint tenancy. All co-owners must receive their interests at the same time.


Unity of Title: one of the four unities required to form a joint tenancy. All co-owners must acquire their interest from the same instrument (e.g., by will or by a transfer of deed).