Glossary

Beneficiary

A person who receives all or part of the deceased estate.

Bequest

Gift of personal property to an individual, group or organisation, e.g. paintings, shares, pets etc.

Devise

Gift of Land. This includes all structures permanently attached to the land.

Estate

Property and assets belonging to the deceased.

Executor

A person appointed in a Will to administer the estate.

Executors Memorandum

A document left to assist your executors administer your estate (Includes Assets and Liabilities)

Guardian

A person or organisation named in a Will or Testamentary Trust that may protect and provide for a child or children of the deceased under the age of 18.

Intestacy Rules

The rules that are used to decide the distribution of an estate when no Will has been made OR if there is a will and it does not distribute the whole estate OR it cannot be proved.

Intestate

Having died without a Will OR if there is a will and it does not distribute the whole estate OR the Will cannot be proved.

Legacy

Gift of money to an individual, group or organisation.

Minor

A person under the age of 18.

Predecease

To die before someone else.

Probate

A court order confirming the validity of a Will. It gives the executor permission to administer the estate.

Simultaneous death

When two people die at the same time. In reference to Wills this can have a significant impact when one or both of those people are a beneficiary in the other person's Will.

Testator

The person who made the Will. Commonly referred to as the 'Will maker'.

Trustee

A person / organisation administering a trust.

Witness

A Will must be witnessed by at least two people over the age of 18. Note: In most states, a beneficiary under a Will must not act as a witness for the same Will, nor must his or her spouse or de-facto.

Assurance

A transfer, conveyance or assignment.

Attorney

The person receiving the authority from the Donor.

Conferred

To bestow on someone

Donor

The person giving the authority to the Attorney

Execute

To sign a document

Jointly

To only act together

Jointly/Severally

To act either together or separately

Notary Public

A person who has the authority to draw up deeds and perform other legal formalities

Prescribed

A person that holds the required qualification and authority

Power of Attorney

A document that provides authority for a person to perform certain functions on someone else's behalf

POA Witness

A person over the age of 18 who watches the Donor sign their name to the Power of Attorney document

Disclaimer: Neither the 'Key Definitions' or the products are a substitute for legal advice. The information has been formulated to assist you in preparing your own document. If you get confused or have a complicated situation, it is recommended that you seek Legal advice or use one of our Solicitor Submissable options available from your home page.