Wills, Trust and Probate

Our Wills, Trust and Probate Glossary

 

The entitlement to the item of property which is not limited by any other person’s interest

 

A person appointed by the Court to manage the estate of a deceased person

 

A will which can still be changed because the settlor is alive

Assent 

 

A formal document which is required when transferring ownership to a person who is entitled to the property following the death of the owner

 

A beneficiary is someone who stands to gain as a result of a bequest made in a will or who receives something from an estate

 

A gift of Chattels or Assets by will

 

A codicil is an addition or amendment to an existing will

 

A partner who you live with but to whom you are not married

 

A will which will only become effective if some condition is realised

 

See Trust

 

This is a trust where the beneficiaries and/or their entitlements to the trust fund are not fixed, but are instead determined by the criteria set out in the trust instrument by the settlor

Estate 

 

The assets of a person at the time of their death, less any outstanding liabilities

 

An executor (or executrix in the case of a female) is the person (or people) who have been appointed in a will to deal with the testator's affairs after their death

 

This is a legal document which allows the person or persons named in it to collect in and distribute the estate

 

A legal document which confirms that the executor has the authority to deal with a deceased person's assets

 

A person appointed to safeguard,protect and manage the interests of a child or mentally disabled person

 

This is a tax imposed on the privilege of receiving property by inheritance or legal succession

 

This refers to the situation where a person who has died has not made a valid will

Legacy 

 

See Bequest

 

This is the authority given by the Probate Registry to deal with the affairs of a deceased person who has not left a valid will

 

This is a document setting out in advance what types of medical treatment the maker of the will does or does not wish to receive in specific circumstances should he or she be incapable of giving or refusing consent

 

The state of being deemed not able to make decisions

 

This term is used to describe a person's closest living relatives

 

The amount of Inhertitance Tax for which you are not taxed

 

This is a deed which gives power to a person to act on someone else's behalf in a legal or business matter

 

This is the official verification of a will by the Probate Registry

 

The Beneficiary of the Residual Estate

 

The remainder of the estate after payment of all debts, legacies, taxes and expenses

Revoke 

 

Cancellation of a will

 

See Trust

 

The creator of a Trust

 

The testator (or testatrix in the case of a female) refers to the person who makes a will

Trust 

 

Property legally entrusted to someone with instructions to use it on behalf of another person

 

Legal document which creates a Trust

 

A person who holds or administers property in a trust for someone else

 

A right to immediate or future entitlement

Will 

 

A disposition or declaration through which someone provides for the distribution of their estate upon their death

 

The people who witnessed a will being signed by the testator
 
Print pagePrintable Version