Trust – A trust is a legal agreement between three parties; the Trustmaker, the Trustee and the Beneficiary. In this instance you are the Trustmaker. The Trustee is the person responsible for managing the property that you, the Trustmaker, decides to title in the name of the trust. Under this type of legal arrangement, the Trustmaker will transfer ownership of certain assets to the Trustee who will manage the assets for the benefit of the Beneficiary.
Executor – If you die owning property of value, it is necessary to appoint someone to “settle” or wind up your estate in accordance with the terms of your Last Will and Testament. Your Last Will should nominate a person known as an Executor to carry out this role. Your Executor can be a person (or persons) such as a relative, beneficiary under your Last Will, a lawyer or even a bank – the choice is yours. It is also possible to appoint one or more Executors under your Last Will. Upon your death, your Executor will have the legal and fiduciary duty to handle, safeguard and distribute your property in accordance with the terms of your Last Will. In addition, the Executor will also be responsible for the payment of any debts or taxes owing by you at the date of your death. These debts and taxes, if any, will be paid from the estate (using the assets of the estate) before the distribution of the remainder of the estate to the beneficiaries named under your will takes place.
Guardian – A guardian of a minor is a person that has the powers and responsibilities of a parent concerning the child’s support, care, education, health, and welfare. A minor is a child under 18 years old. Guardians must at all times act in the child’s best interests.
Residue of your Estate – the assets of your estate which are left over after all specific gifts have been made.
Power of Attorney – refers to both the authority to act for another person in legal or financial matters and also refers to the legal document giving such authority to someone.
General Power of Attorney – allows you to appoint an agent who will manage all your legal, financial and property affairs on your behalf. The agent’s authority under the power of attorney will come to an end when you revoke their authority, become incapacitated or die.
Please note that the questions listed above are indicative but not exhaustive in terms of the things that will need to be considered in advance of drafting and executing your will.