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Last will and testament

A person's (testator) wishes as to how their property (estate) is to be distributed after their death and as to which person (executor) is to manage the property until its final distribution. For the distribution (devolution) of property not determined by a will. A will may also create a testamentary trust that is effective only after the death of the testator.

Types:
  • Administrator – person appointed or who petitions to administer an estate in an intestate succession.
  • Beneficiary – anyone receiving a gift or benefiting from a trust
  • Bequest – testamentary gift of personal property, traditionally other than money.
  • Codicil – A will that modifies or partially revokes an existing or earlier will.
  • Decedent – The deceased
  • Demonstrative Legacy – a gift of a specific sum of money with a direction that is to be paid out of a particular fund.
  • Descent – succession to real property.
  • Devisee – beneficiary of real property under a will.
  • Distribution – succession to personal property.
  • Executor/executrix or personal representative named to administer the estate, generally subject to the supervision of the probate court, in accordance with the testator's wishes in the will.
  • Exordium clause is the first paragraph or sentence in a will and testament, in which the testator identifies himself or herself, states a legal domicile, and revokes any prior wills.
  • Inheritor – a beneficiary in a succession, testate or intestate.
  • Intestate – person who has not created a will, or who does not have a valid will at the time of death.
  • Legacy – testamentary gift of personal property, traditionally of money. Historically, a legacy has referred to either a gift of real property or personal property.
  • Legatee – beneficiary of personal property under a will, i.e., a person receiving a legacy.
  • Probate – legal process of settling the estate of a deceased person.
  • Residuary estate - the portion of an estate remaining after the payment of expenses and the distribution of specific bequests; this passes to the residuary legatees.
  • Specific legacy or specific bequest testamentary gift of a precisely identifiable object.
  • Testate – person who dies having created a will before death.
  • Testator – person who executes or signs a will; that is, the person whose will it is.
  • Trustee – a person who has the duty under a will trust to ensure that the rights of the beneficiaries are upheld.
  • After the testator has died, an application for probate may be made in a court with probate jurisdiction to determine the validity of the will or wills that the testator may have created, i.e., which will satisfy the legal requirements, and to appoint an executor. In most cases, during probate, at least one witness is called upon to testify or sign a "proof of witness" affidavit.

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