WILL / TESTAMENT – GLOSSARY OF WILL TERMINOLOGY
Table of Contents
Annuity
A fixed sum of money paid to someone each year
Beneficiary
Beneficiary is the perron/institution to whom the rights/ownership of estate is bestowed.
Codicil
A codicil can add to, subtract from, revoke or modify the terms of the original will.
Estate
Estate is total assets of the person including intangible assets / legal rights and deducting any liabilities which needs to settled. This net value is the estate of the testator.
Executor
Executor is responsible for managing, administrating the property till the same is distributed
Intestate
If the person dies without making a will, its called interstate
Legacy
The values of assets bestowed to the beneficiary of the will
Minor
Person below 18 years of age
Probate
The probate process to determine the validity of will under supervision of a court.
Property
This is movable and immovable property of the testator
Revoke
Revoke means cancellation of the will
Trust
Trust is a legal arrangement to look after the property mentioned in the will on behalf of beneficiary.
Vested
Vested means to bestow or confer the rights/ownership of the property.
Testator
The person who initiates and make will of the property/estate belonging to him
Will / Testament
Will / Testament is a written legal document to vest his property to the beneficiary
Witness
Witness is person in whose presence will is executed
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