|
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.
|