GLOSSARY: ESTATE ADMINISTRATION & PROBATE

  • Certificate of Appointment: the legal name for probate. When an estate trustee applies to court for a certificate, anyone who does not think the will is valid has a chance to object. The court does not issue the certificate until the objection is resolved.
  • Estate Trustee: person who is responsible for dealing with an estate. The estate trustee is named in the will or appointed by the court where the deceased did not have a will. There may be one or more estate trustees named in a will.
  • Beneficiaries: Someone who receives all or part of an estate, may receive money, property, or both.
  • Clearance Certificate: A clearance certificate confirms that all tax liabilities of an individual or entity have been paid. The certificate is applicable upon the sale of a business, transfer of ownership, or upon the death of an individual.
  • Statement of Accounts: The monthly or other periodic statement issued by the Bank to the Debit Cardholder showing particulars of the Debit Card Transactions conducted during the period covered by the statement.