Advanced Topics in Succession Law
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.
Advanced Topics in Succession Law Glossary #
Advanced Topics in Succession Law Glossary
Ab intestate #
The term "ab intestate" refers to the circumstance where an individual dies without a valid will in place to dictate the distribution of their estate. When someone passes away intestate, the laws of intestacy will determine how their assets and property will be distributed among their heirs.
Administration #
Administration is the legal process through which a deceased person's estate is managed and distributed. This process involves identifying the assets of the deceased, paying off any debts or taxes owed, and distributing the remaining assets to the beneficiaries.
Administrator #
An administrator is a person appointed by the court to manage and distribute the estate of a deceased person who died intestate or when there is no valid executor named in the will. The administrator has similar duties and responsibilities as an executor, including gathering assets, paying debts, and distributing the estate.
Bequest #
A bequest is a gift of personal property specified in a will to a designated beneficiary. Bequests can include items such as jewelry, artwork, or other personal possessions that the testator wishes to leave to a specific individual.
Beneficiary #
A beneficiary is a person or entity named in a will or trust to receive assets or property from the deceased person's estate. Beneficiaries can be individuals, charities, organizations, or other entities designated to inherit specific assets or a portion of the estate.
Bequeath #
To bequeath is to leave personal property to someone in a will. When a testator bequeaths an item or asset, they are designating that specific item to a particular beneficiary.
Bequest over #
A bequest over is a provision in a will that specifies what should happen to a gift if the primary beneficiary is unable to receive it. This provision ensures that the gift does not fail and is instead passed on to an alternate beneficiary.
Chattels #
Chattels refer to personal property that is movable and not fixed to real estate. Examples of chattels include furniture, vehicles, jewelry, and other tangible assets that can be physically moved.
Codicil #
A codicil is a legal document that is used to make amendments or additions to an existing will. A codicil must be executed with the same formalities as a will and is used to update specific provisions or add new instructions without rewriting the entire will.
Devise #
A devise is a gift of real property specified in a will to a designated beneficiary. Real property includes land, buildings, and other immovable assets that the testator wishes to leave to a specific individual.
Distribution #
Distribution refers to the process of dividing and transferring the assets of a deceased person's estate to the beneficiaries named in the will or determined by the laws of intestacy. The distribution process involves identifying assets, paying off debts, and allocating the remaining assets to the rightful beneficiaries.
Executed #
Executed refers to the act of signing a legal document, such as a will or trust, in the presence of witnesses and with the necessary formalities to make it legally valid. An executed will is considered legally binding and enforceable upon the death of the testator.
Executor #
An executor is a person named in a will to carry out the wishes of the deceased person, manage their estate, and distribute assets to the beneficiaries. The executor is responsible for handling the administrative tasks of the estate, such as paying debts, filing taxes, and distributing assets according to the will.
Heir #
An heir is a person who is entitled to inherit the assets and property of a deceased person under the laws of intestacy when there is no will in place. Heirs are typically close relatives of the deceased, such as spouses, children, parents, or siblings.
Inheritance #
Inheritance refers to the transfer of assets, property, or rights from a deceased person to their heirs or beneficiaries. Inheritance can include money, real estate, personal possessions, investments, and other assets passed on to the next generation.
Intestacy #
Intestacy is the legal term used to describe the situation when a person dies without a valid will in place to dictate the distribution of their estate. When someone dies intestate, the laws of intestacy will determine how their assets and property will be distributed among their heirs.
Intestate #
Intestate refers to a person who dies without a valid will in place to specify how their assets and property should be distributed. When someone passes away intestate, the laws of intestacy will govern the distribution of the estate among their heirs.
Joint tenancy #
Joint tenancy is a form of property ownership where two or more individuals own equal shares of the property with the right of survivorship. In joint tenancy, when one owner dies, their share of the property automatically passes to the surviving owner(s) rather than being distributed according to the deceased owner's will.
Legacy #
A legacy is a gift of money or personal property specified in a will to a designated beneficiary. Legacies can include specific items, sums of money, or other assets that the testator wishes to leave to a particular individual.
Lien #
A lien is a legal claim or interest that a creditor has in a debtor's property as security for a debt or obligation. A lien gives the creditor the right to take possession of the property if the debtor fails to fulfill their financial obligations.
Liquid assets #
Liquid assets are assets that can be easily converted into cash without significant loss of value. Examples of liquid assets include cash, savings accounts, stocks, and bonds that can be quickly sold or exchanged for cash.
Personal representative #
A personal representative is a legal term that refers to an executor or administrator appointed to manage the estate of a deceased person. The personal representative is responsible for handling the administrative tasks of the estate, including gathering assets, paying debts, and distributing assets to the beneficiaries.
Probate #
Probate is the legal process through which a deceased person's will is validated, and their estate is administered and distributed according to their wishes. The probate process involves proving the validity of the will, identifying assets, paying debts, and distributing the remaining assets to the beneficiaries.
Residuary estate #
The residuary estate refers to the remaining assets and property of a deceased person's estate after specific gifts, debts, and expenses have been accounted for. The residuary estate is distributed among the residuary beneficiaries named in the will or determined by the laws of intestacy.
Revocation #
Revocation is the act of canceling or nullifying a legal document, such as a will or trust, by the testator before their death. Revocation can be done by destroying the document, creating a new will, or executing a codicil to make changes to the existing document.
Specific bequest #
A specific bequest is a gift of a specific item or asset specified in a will to a designated beneficiary. Specific bequests can include items such as jewelry, artwork, or other personal possessions that the testator wishes to leave to a particular individual.
Testamentary capacity #
Testamentary capacity refers to a person's mental ability to make a valid will. To have testamentary capacity, a person must understand the nature and extent of their assets, the beneficiaries of their estate, and the consequences of making a will.
Testamentary trust #
A testamentary trust is a trust established in a will that comes into effect after the death of the testator. A testamentary trust can be used to manage and distribute assets to beneficiaries according to the instructions outlined in the will.
Testator #
A testator is a person who makes a will to specify how their assets and property should be distributed after their death. The testator is responsible for executing a legally valid will and ensuring that their wishes are carried out according to their instructions.
Undue influence #
Undue influence is the exertion of pressure, manipulation, or coercion by a person to influence the testator to make changes to their will that they would not have otherwise made. Undue influence can invalidate a will if it is proven that the testator was not acting of their own free will.
Will #
A will is a legal document that outlines a person's wishes regarding the distribution of their assets and property after their death. A will can specify beneficiaries, designate an executor, appoint guardians for minor children, and provide instructions for the management of the estate.
By familiarizing yourself with these advanced topics in succession law, you will… #
Understanding these key terms and concepts will help you effectively advise clients, draft legal documents, and handle succession matters with confidence and expertise in your role as a legal professional.