Trusts and Succession
Expert-defined terms from the Undergraduate Certificate in Law of Succession course at Stanmore School of Business. Free to read, free to share, paired with a professional course.
Trusts and Succession Glossary #
Trusts and Succession Glossary
Absolute Gift #
A gift with no conditions attached, meaning the recipient has full rights and ownership over the gift.
Administrator #
A person appointed by the court to manage and distribute the assets of a deceased person who did not leave a will.
Beneficiary #
A person or entity who receives benefits from a trust, will, or insurance policy.
Charitable Trust #
A trust set up for charitable purposes, with the assets being used to benefit a specific charity or cause.
Codicil #
A legal document that modifies, revokes, or adds to the terms of an existing will.
Contingent Beneficiary #
A beneficiary who will receive benefits only if certain conditions are met.
Devisee #
A person who receives real property (land or buildings) through a will.
Domicile #
The place where a person has their permanent home and intends to return to after being away.
Executor #
A person named in a will to carry out the wishes of the deceased and manage the estate.
Family Provision #
Legislation that allows certain family members or dependents to claim a share of a deceased person's estate if they were not adequately provided for in the will.
Grant of Probate #
A legal document issued by the court that confirms the validity of a will and authorizes the executor to administer the estate.
Holographic Will #
A will that is entirely handwritten and signed by the testator, typically without the need for witnesses.
Inheritance Tax #
Tax levied on the value of assets inherited by the beneficiaries of a deceased person.
Intestate #
When a person dies without a will, their estate is distributed according to the laws of intestacy.
Legacy #
A gift of personal property (anything other than real estate) made in a will.
Living Trust #
A trust created during the lifetime of the trustor, which can be used to manage assets and avoid probate.
Per Capita #
A method of distributing an estate equally among the descendants of a deceased beneficiary.
Per Stirpes #
A method of distributing an estate where each branch of the family receives an equal share.
Personal Representative #
A term used to refer to the executor or administrator of an estate.
Power of Attorney #
A legal document that allows a person to appoint someone to make decisions on their behalf in case they become incapacitated.
Pretermitted Heir #
A child born or adopted after a will is made, who may be entitled to a share of the estate.
Probate #
The legal process of proving a will and administering the estate of a deceased person.
Settlor #
The person who creates a trust and transfers assets into it.
Testamentary Trust #
A trust established in a will that comes into effect upon the death of the testator.
Testator #
A person who makes a will.
Trust #
A legal arrangement where assets are held by a trustee for the benefit of one or more beneficiaries.
Trustee #
A person or entity appointed to manage the assets of a trust and carry out its terms.
Undue Influence #
When a person is pressured or manipulated into making a will that does not reflect their true wishes.
Will #
A legal document that expresses a person's wishes for the distribution of their assets after death.
Witness #
A person who signs a will to attest that the testator signed it willingly and was of sound mind.