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Glossary

 

Administrator Execute Estate
Affidavit Executor Movable Property
Attestation Clause Guardian Personal Representative
Beneficiary Immovable Property Probate
Bequest Intestacy Residuary Estate
Codicil Intestate Testator
Chattels Issue Trust
Devise Legacy Trustee
Domicile Letter of Administration Trust Corporation

 

Administrator
Person appointed by the court to administer the deceased’s estate where the deceased has died without a Will, or where the deceased has left a Will but there is no proving executer either because there was no appointment or the appointed executor died before the deceased or the appointed executor is unable or unwilling to act.

Affidavit
Written statement confirmed by oath, to be used as evidence in court

Attestation Clause
Statement in a Will that it has been duly executed in the presence of two witnesses.

Beneficiary
A person who inherits under a Will or intestacy.

Bequest
Gift of movable property made by Will.

Codicil
An addition to a Will, signed and witnessed in the same way as the original Will. The witnesses may be different people to those in the original Will.

Chattels
Tangible assets other than immovable property.

Devise
Gift of house(s) or land (immovable property)

Domicile
The place where a person is permanently resident.

Estate
All that a person possesses at the time of his death.

Execute
To make valid by signing and witnessing.

Executor
The person appointed in a Will to carry out the testator’s wishes and instructions.

Guardian
A person having the right and duty to protect the person, property or right of a minor.

Immovable Property
Tangible assets which cannot be physically moved – e.g. land and buildings.

Intestacy
Situation in which a person dies without making a Will.

Intestate
Person who dies without making Will.

Issue
A person’s issue refers to his children, grandchildren and all other lineal descendants.

Legacy
A gift of money or an item, but not of land, under a Will.

Letter of Administration
Authority given under the seal of the court for the administration of the estate of a person who has dies without leaving a Will.

Letter of Administration With Will Annexed
A court order appointing an administrator to administer the estate of a testator who, though having made a Will, has not appointed an executor, or the appointed executor is unable or unwilling to act or is dead.

Movable Property
Assets that can be moved physically e.g cash, bank account, shares, investments

Personal Representative
The term refers to executors and administrators collectively.

Probate
The court order that formally authorizes the executor to administer the deceased’s estate according to the Will.

Residuary Estate
That part of the deceased’s estate which remains after payment of debts, liabilities and expenses and after the legacies or devises specified in the Will have been paid off.

Testator
A person who makes a Will.

Trust
A relationship or association between one person (or persons) on the one hand and another person (or persons) on the other, based on confidence, by which property is vested in or held by one person, on behalf of and for the benefit of another.

Trustee
Person who holds property in trust for another.

Trust Corporation
Company registered under the Trust Companies Act 1949 which is authorized to act as executor and Trustee.