Glossary
In Family Law, Wills and Powers of Attorney
An equalization payment is money one married partner can sometimes get from the other partner after they separate or the other partner dies. Its purpose is to share the amount that the couple’s property increased in value while they were married.
Common-law partners usually do not have a right to an equalization payment.
In Income Assistance, Canada Pension Plan (CPP), Eligibility, Wills and Powers of Attorney
Your estate is the property you own when you die. This includes real property, which is property like land and buildings. It also includes personal property, such as jewellery, furniture, and bank accounts.
Some property does not become part of your estate because it changes owners as soon as you die. Examples are a home you owned in joint tenancy with another person, or an investment that has a designated beneficiary.
In Wills
When you make an estate plan you make legal documents like:
These documents make sure someone has the power to make decisions about your property or personal care if you are no longer mentally capable.
You also make a will as part of your estate plan so that:
- your property goes to the people or organizations you want it to go to after you die
- your minor children are cared for after you die
And there are things you can do to reduce the amount of tax your estate pays when you die.
In Wills and Powers of Attorney
An estate trustee is someone who:
- distributes your property after you die
- handles your personal affairs after you die by arranging your funeral, paying your debts, and filing your final income tax return.
An estate trustee is sometimes called an executor or personal representative.
If you do not name a person to be your estate trustee in your will, someone may have to apply to the court to become one after you die.