Estates Final

Front 1

Jurat:

Back 1

attestation paragraph

Front 2

Voucher:

Back 2

Reciept

Front 3

Devise:

Back 3

Specific gift of real property in a will

Front 4

Surety:

Back 4

3rd party to an administration bond of indemnity

Front 5

Medallion Signature Guarantee:

Back 5

Guarantee of signatures of ETs by a bank or trust company

Front 6

Obligee:

Back 6

Entity to which an administration bond of indemnity is owed (the court).

Front 7

Formal Account Statements:

Back 7

-cover page, table of contents, summary, statement of original assets, statement of capital receipts, statement of capital disbursements, statement of revenue receipts, statement of revenue disbursements, investment account, statement of unrealized assets, statement of liabilities, statement of proposed compensation, statement of proposed distribution.

Front 8

Assignments and Preferences Act

Back 8

The statute that ensures that, except for secured creditors, no creditor is paid more fully than another.

Front 9

Death Benefit:

Back 9

The payment of $2,500.00 under CPP for funeral expenses

Front 10

UCC:

Back 10

Undepreciated Capital Cost

Front 11

T3 Trust Income Return

Back 11

Tax return covering the period from the date of death to final distribution

Front 12

Direct Spousal Rollover

Back 12

Tax exempt rollover that requires the spouse of the deceased to own the capital asset within 36 months of death.

Front 13

Stub Period Return

Back 13

Tax return used for unincorporated businesses or partnership income.

Front 14

The # of years after which the deceased's real estate automatically vests in the beneficiaries under the Estates Administration Act

Back 14

3 years

Front 15

Capital Gain

Back 15

This is the increase in value between FMV and the ACB of capital property

Front 16

Form 2351

Back 16

This form will be required when transferring a Savings Bond.

Front 17

Rights and Things Return

Back 17

The tax return that the Estate Trustee can elect to use for income splitting for such amounts as ex dividends, earned commission, etc.

Front 18

T1 Terminal Return

Back 18

The tax return from January 1 to the date of death.

Front 19

Voucher

Back 19

The receipt given by a creditor upon receiving payment of a debt by the Estate Trustee

Front 20

Gift in Species

Back 20

A gift in the form that it exists.

Front 21

Accrual

Back 21

Basis on which money earned but not yet received is included in calculating income.

Front 22

Month of Death:

Back 22

This is the last month for which the deceased is entitled to receive the monthly C P P payment.

Front 23

Inter vivos:

Back 23

A trust that is activated while the person setting it up is alive.

Front 24

Letters Probate:

Back 24

Another expression for Certificate of Appointment of Estate Trustee with a will

Front 25

Mandatory Memorandum:

Back 25

A binding memorandum is known as this

Front 26

SLRA:

Back 26

The statute that determines distribution on intestacy.

Front 27

Testator:

Back 27

The individual creating a testamentary trust

Front 28

Capital Assets:

Back 28

Shares of a Publicly traded company.

Front 29

Formal Accounting:

Back 29

Required if any one beneficiary fails to provide a written consent

Front 30

The number of days before the hearing date an interested party must file a Notice of Objection:

Back 30

20

Front 31

Informal:

Back 31

One method by which an accounting may be done on an estate.

Front 32

The number of days before the hearing date that a party in Ontario with an interest in an estate must be served with the Notice of Application:

Back 32

45

Front 33

This statement sets out the money that came into the estate in lump sums:

Back 33

Statement of Capital Receipt

Front 34

Court Review:

Back 34

No consent from beneficiaries is required if this takes place with accounts

Front 35

Residual Beneficiary

Back 35

These are the only beneficiaries the Estate Trustee must account to

Front 36

Another expression for a formal accounting:

Back 36

Passing of accounts

Front 37

The number of statements that make up a formal set of estate accounts:

Back 37

11

Front 38

Interim Distribution:

Back 38

Payment made to beneficiaries before a final accounting

Front 39

Estate Accounting

Back 39

A way of communicating to each residual beneficiray how their share was determined

Front 40

If no objections are filed, judgement may be obtained after filing certain documents with the court, this number of days before the hearing date

Back 40

10

Front 41

Written Release

Back 41

Get this from all beneficiaries before any distribution is done