Reference

Legal Glossary

Estate planning terms explained in plain English. No legal jargon.

A

Administrator: A person appointed by the court to manage an estate when someone dies without a Will (intestate) or when the named executor cannot act.

Beneficiary: A person or organisation named in a Will to receive assets or benefits from the estate.
Bequest: A gift of personal property (not real estate) left to someone in a Will. Also called a legacy.

Codicil: A legal document that amends or adds to an existing Will without replacing it entirely. Must be witnessed like a Will.

Deceased Estate: All the assets, property, and liabilities a person leaves behind when they die.
Devise: A gift of real property (land or buildings) left to someone in a Will.

Enduring Power of Attorney: A legal document that allows someone to make financial or legal decisions on your behalf, even if you lose mental capacity.
Estate: The total value of everything you own, including property, money, investments, and personal possessions, minus any debts.
Executor: The person named in a Will to carry out its instructions, manage the estate, and distribute assets to beneficiaries.

Guardian: A person appointed in a Will to care for minor children if both parents die.

Inheritance: Assets or property received from someone who has died, either through a Will or intestacy laws.
Intestate: Dying without a valid Will. When this happens, assets are distributed according to state intestacy laws.

Legacy: A gift of money or personal property left to someone in a Will. Also called a bequest.
Letters of Administration: A court document granting someone authority to administer an intestate estate (where there's no Will).
Life Interest: The right to use or benefit from property during your lifetime, after which it passes to another beneficiary.

Next of Kin: Your closest living relative(s), who may inherit your estate if you die intestate.

Probate: The legal process of proving a Will is valid and giving the executor authority to administer the estate.

Residuary Estate: Everything left in an estate after specific gifts, debts, taxes, and expenses have been paid.
Revoke: To cancel or make void. A Will can be revoked by creating a new Will, by physical destruction, or by marriage.

Succession: The process of passing on assets and property to heirs after death.

Testamentary Trust: A trust created by a Will that comes into effect after the Will-maker dies. Often used for tax planning or protecting beneficiaries.
Testator/Testatrix: The person who makes a Will. Testator is traditionally male, testatrix female, though testator is now commonly used for all.
Trust: A legal arrangement where assets are held by one party (trustee) for the benefit of another (beneficiary).
Trustee: A person or organisation responsible for managing assets held in a trust for the benefit of beneficiaries.

Will: A legal document that expresses your wishes for how your assets should be distributed after your death and who should care for any minor children.
Witness: A person who watches you sign your Will and then signs it themselves to confirm they saw you sign. Cannot be a beneficiary.

Now that you understand the terminology, creating your Will is easy.