Glossary - Wills and Powers of Attorney
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 don’t have a right to an equalization payment.
In 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 and Powers of Attorney
An estate trustee is someone you choose to carry out the directions in your will. An estate trustee is sometimes called an executor or personal representative.
Your estate trustee has to make sure that:
- your property goes to the people you’ve chosen
- your personal affairs, like paying debts and arranging your funeral, are dealt with
