Abatement
A common law doctrine when assets of the deceased are less than the debts to the creditors and those debts must be paid first
Administration
The process by which the assets of deceased person is gathered in and dispersed to the rightful heirs where there is no Will, or to the beneficiaries if there is a Trust or Will
Administrator
A person appointed by law to settle the affairs of someone who dies without a Will
Affidavit
A voluntary statement in writing, sworn before a nominated official, such as notary public, solicitor, or Justice of the Peace
Age of majority
An age at which a person is granted legal rights (e.g. ability to sue) and legal responsibilities (e.g. liability under a contract) as if an adult. In most States and Territories, this age is 18 years
Assignment
The transfer of rights held by one party to another party
Attest | Attestation
To attest a Will is to witness its execution by seeing the testator sign or acknowledge the Will
Beneficiary
A person or organisation receiving a gift from a Will
Bestow
A verb which means to give; to grant or give something to another person or entity
Bequest
A gift in a Will left to a specific person or organisation
Bequeath
To leave a bequest in a Will
Breach of Trust
Failure of a trustee to fulfil required duties; includes doing things illegally, negligently or forgetfully
Capital Gains Tax
A tax that is assessed on the difference between the cost basis (the original amount of purchase) of an asset and its fair market value
Codicil
A supplement to a Will containing an addition or change to a Will
Declaration of Trust
A Deed confirming on what terms joint owners own property
Dependant
A person who relies upon another for financial support
Deponent
An executor swearing an affidavit “disposes” to the facts. Therefore, the executor, the applicant and the deponent are one and the same in probate applications
Divorce
Dissolution of Marriage (which may result in a need to change a Will)
Estate
The property and possessions of a deceased person
Estate Planning
The legal process by which Estates and Wills are structured to facilitate easy distribution and finalisation of one’s property and wishes at death
Execution
The act of signing and dating a Will and having it witnessed
Executor
A person named in a Will to carry out the specific directions contained in a Will
Family Provision
Financial provision made by way of Court Order for the proper maintenance of and support for a deceased person’s family or dependants from the deceased’s Estate
Fiduciary
A person in a position of trust with respect to another's property; a general term used to refer to Executor, Administrator, or Trustee
Fiduciary Duty
An obligation to act in the best interest of another party, e.g. a company's board member has a fiduciary duty to the shareholders, a trustee has a fiduciary duty to the trust's beneficiaries, and a solicitor has a fiduciary duty to a client
Grant of Probate
A Court Order which confirms that a Will is valid and that the Executors are entitled to deal with the deceased’s assets
Grant of Representation
A Grant of Probate or Letters of Administration
Guardian
A person you name in your Will as the person to look after your children (if they are still minors) or any mentally impaired dependants, if they do not already have a guardian. You should obtain the consent of your chosen guardian first, before naming him or her in your Will
Heir
A person who inherits or is entitled by law or by the terms of a Will, to inherit the Estate of another person
Holographic Will
A Will written entirely by the testator with his own hand and not witnessed (attested)
Inheritance
Property passed on by a deceased person in accordance with inheritance laws
Intestate | Intestacy
Dying without leaving a Will: "Partial Intestate" - to die with only part of an Estate covered by a Will
Intestate Succession
The order of who inherits the property when someone dies without a Will
Joint Executors
Multiple parties named to administer an Estate sharing the fiduciary duty to ensure the Estate is handled properly
Joint Owners
For example, property such as real estate, furniture, shares or money in the bank, jointly owned with another person or persons in one of two ways - either as a joint tenant or as a tenant in common
Joint Tenants | Tenancy
Two or more persons specifically named in a document as joint tenants. Upon the death of a joint tenant, the surviving joint tenant or tenants automatically receive the deceased tenant's interest by the right of survivorship
Legacy
A gift of property left in a Will
Legatee
A person named in a Will
Letters of Administration
A Court Order confirming who is entitled to deal with a deceased’s property if there is no valid Will
Living Will
A written document that states a person's wishes regarding life-support or other medical treatment in certain circumstances, usually when death is imminent
Maintenance
In a divorce or separation, the money paid by one spouse to the other in order to fulfil the financial obligation that comes with marriage
Minor
A person who is not yet 18 years old
Movable and immovable property
The distinction can be complex and if there is any doubt you should consult a lawyer. However, "immovable" property includes land and buildings, whilst everything else can usually be regarded as movable
Personal Representative
A general term referring to a person or persons who perform acts associated with the administration of a deceased estate – either as an executor or administrator
Pledge
A promised gift
Power of Attorney
An express written authority in proper form signed and witnessed according to law, by which one person appoints another to act on his or her behalf
Probate
Official Court document proving that a Will is authentic or valid
Realty | Real Property
Land and interests in land, excluding leaseholds
Residue (or Residual Estate)
That portion of an Estate which is left over, after all debts, expenses and bequests have been paid
Revocation | Revoke
When a Will no longer has any legal effect
Right of Survivorship
In a joint tenancy, the property automatically goes to the co-owners if one of the co-owners dies. A co-owner in a joint tenancy cannot give away his or her share of the property in a Will
Spouse
Husband or wife
Succession
A term used to describe the body of law relating to the passing of property on the death of a person
Tenancy in Common
A type of joint ownership allowing a person to sell his | her share or leave it in a Will, without the consent of other owners. If a person dies without a Will, the share goes to that person’s heirs, not to the other owners
Tenants in Common
Two of more landowners whose interest in land is separate and distinct from one another
Testamentary Expenses
The expenses involved in obtaining a Grant of Probate of a will
Testate
Where there is Will
Testator | Testatrix
The author (male | female) of a valid Will
Trusts
Assets which are held and controlled for the benefit of another, usually the beneficiary
Trustee
A person who holds and controls property for the benefit of another
Will
A legal declaration of how a person wishes his or her possessions to be disposed of after death
