Glossary of Terms for Estate Planning

Create Estate Planning examples like this template called Glossary of Terms for Estate Planning that you can easily edit and customize in minutes.

14/17 EXAMPLES

Text in this Example:

Glossary of Terms for Estate Planning
Administrator
An individual appointed by the court to manage the estate of a person who died without leaving a will. (feminine is an administratrix)
Administrator with Will Annexed
An individual appointed by the court when a death occurs without a will or executor, or the named executor fails to act.
Codicil
An addition to or change in a will that has already been executed by the testator or testatrix.
Devise
A gift of real property under a will.
Devisee
An individual to whom real property is given under a will.
Executor
(Executrix)
An individual (or entity such as a bank) appointed by a decedent in his will to carry out the terms and provisions of his will.
Holographic Will
A will entirely written by hand, dated and signed by the testatrix and/or testator.
Intestate
The state of an individual not having prepared and left a valid will for probate.
Legatee
An individual to whom personal property is bequeathed under the terms of a will.
Letters of Administration
The formal authority and appointment given to an administrator by the court, empowering him to be administrator or administratrix
Letters Testamentary
The formal authority and appointment given to an executor by the court, empowering him to be executor or executrix.
Nuncupative Will
An oral will declared or dictated by a testator, before witnesses and afterwards written down.
Public Administrator
A public official who has prior right to administer an estate, when no other qualified person seeks appointment as administrator.
Residuary Legatee
One who receives the remaining portion of an estate after payment of the testator's (testatrix's) debts, devises and legacies.
Special Administrator
An individual who is appointed, by the court when the circumstances of the estate require an immediate appointment of a personal representative.
Testate
The state of having died leaving a valid will for probate.
Will
An instrument in which a qualified person legally and intentionally directs the disposition of his or her property to become effective after his or her death.