There are a lot of terms used in estate settlement and planning. If there's a term you don't know - you can find it here.
beneficiary
A person or entity named in a Will or financial or insurance contract as the inheritor of property when the property owner dies. A beneficiary can be a spouse, child, charity or any entity or person to whom the property owner would like to leave his or her possessions and assets.
certificate of appointment
The Certificate of Appointment is given by the court after the process of verifying the authenticity of the Will and the authority of the Executor.
domicile
The country that a person treats as their permanent home, or lives in and has the most substantial connection with.
estate
The net worth of a person at any point in time. It is the sum of a person's assets - legal rights, interests and entitlements to property of any kind - less liabilities at that time. The estate of a deceased person consists of all the property, whether real or personal, owned by the person at the time of death.
estate trustee
Synonym of executor.
executor
The person appointed in the will to settle the estate. The appointment in the will gives them the authority to do what is required to deal with the assets and debts of the estate. The executor has many legal responsibilities and comes with a degree of personal liability as well. One or more individuals and/or a corporate entity can be named. Can also be called Estate Trustee, Personal Representative or Administrator.
fiduciary
A person or organization that acts on behalf of another person or persons, putting the interests of another party ahead of their own, with a duty to preserve good faith and trust. An executor is a fiduciary and requires being bound both legally and ethically to act in the other's best interests. In the case of estate settlement the other would be the testator and the beneficiaries.
intestate
This term is used when someone dies without a will. It means that the estate doesn’t have an executor and someone will need to apply to be appointed as such by the court. This also means that what remains in the estate after all debts are paid is distributed according to the intestacy laws in the jurisdiction where the deceased resided.
issue
Descendants of the deceased being children, grandchildren, great grandchildren, etc.
legacy
Gift is a fixed dollar figure, a specific item of personal property or a specific financial account. Ex. My granddaughter is to receive $10,000. They are listed before the residue clause in the will and are paid immediately after debts and before residue. Person in receipt of gift is called a legatee. Also known as a specific gift or specific bequest.
letters testamentary
Documentation delivered by the probate court that authorises the executor to enforce
Letters testamentary are documents that a probate court delivers to the executor of the deceased's estate to enforce the terms of the deceased person's will. A court can issue letters testamentary only to persons who are chosen as an executor in a will. personal property
personal property
A classification of property in common law that refers to all of a deceased’s person’s assets other than real estate; also termed moveables or moveable property. This type of property is always governed by the jurisdiction in which the testator was domiciled.
petition of probate of will (US specific)
Anyone desiring to have a will admitted to probate on the presumption of death of the testator must file a petition therefore in the court of the proper county.
power of attorney
An authorization to act on someone else's behalf in a legal, business or health matter while they are living. A power of attorney may be limited to one specified act or type of act or it may be general. A power of attorney becomes ineffective if its grantor dies or becomes incapacitated unless the grantor specifies that the power of attorney will continue to be effective even if the grantor becomes incapacitated. This type of power of attorney is called an enduring or continuing power of attorney.
probate
The legal process by which a person's Will is reviewed and, if valid, authenticated by the court as the individual's "last Will". This avoids the situation where two family members each present a will to the bank claiming it to be the last will of the deceased.
letters probate
The court order that proves the authority of the person or persons named as executor to deal with the property of the deceased person. Also known as grant of probate, letters of administration and certificate of appointment (with or without a will).
real property
A classification of property in common law that refers to land; also termed realty, real estate and immovable property. This type of property is always governed by the jurisdiction in which it is situated, as opposed to where the testator resided or died.
residue
What remains of the estate after all debts, taxes and legacies are paid. Person in receipt of the residue is called a residual beneficiary.
testamentary trust
A trust created within a will which does not take effect until the death of the testator.
testator
The person who has written the will.
will
A legal declaration in writing by which a person, the testator, names one or more persons to manage his estate and provides instructions for the transfer of his property at death. In order to be valid, the document has to meet several requirements, which are set out by and vary by jurisdiction.
Petition for Probate of Will and Letters Testamentary - Certificate of Appointment of Estate Trustee With a Will
Authority to act on behalf of the estate and as the executor of the will
Petition for Probate of Will and Letters of Administration with Will Annexed
Specialized petition—when the executor is not named in the will or the named executor does not want to serve