Important Terms

Specific: The property is identified.
Residuary: what is left of the deceased’s property when debts, taxes, and identified gifts have been paid.
Donor: who provides a gift.
Donee: (receiver of the gift).
Devise land left in a will.
Bequest: Personal property left in a Will, for example, cash, shares, car, bank account, painting, jewelry, etc.
Pecuniary Legacy: A sum of cash left in a will.
Deed: A formal document that has to be signed, witnessed, and delivered.
Delivered: handing over the deed to a person to whom it grants rights, with the intention that it is legally binding.
Executor: A person appointed in the will to carry out the deceased’s instructions in the will, in particular, to dispose of his/her property according to will.
Administrator: A person appointed by the court to carry out the deceased’s instructions in the will, in particular, to dispose of his/her property according to the will.
Probate: Probate is a process by which the executor of the will proves to the court that the document is the will of the deceased.
Executors: A person chosen by the deceased person to execute his will.
Administrator: A person chosen by a Court person to execute his will.
The settlor:  Person who sets up a trust while he is alive.
Testator: Person who had established a trust but is dead now.
Trustees: who hold the legal title of the property to transfer it to the beneficiary or distribute the trust property to the beneficiary as per the instruction of Settlor/Trustee.
The settlor: Who sets up or declares a Trust and who is also alive at the present moment.
Testator: A person who sets up or declares a trust but who is deceased at the present moment.
Trustees: They are appointed by a Settlor/Testator to hold the trust property, they are the new legal owner of the trust property
Beneficiary: A beneficiary is a person for whose benefit the trust is declared/established
Property: Property includes both real and personal property.
Real Property (land, buildings, and houses, etc. Non-moveable)
Personal Property (cars, jewelry, paintings, CD’s, and boats, etc. Moveable)
Trust instrument: Trust instrument is a deed that is in writing and is used to declare a trust. It provides the terms of the trust and identity of the beneficiaries. A will is also a trust instrument. Both Deed and Will require the signature of the person who is setting up the trust or writing a will and two persons as witnesses.
Executors: A person chosen by the deceased person to execute his will in a will
Administrator: A person chosen by a Court to execute someone’s will.
The settlor:  Person who sets up a trust while he is alive.
Testator: Person who had established a trust but is dead now.
Trustees: who hold the legal title of the property to transfer it to the beneficiary or distribute the trust property to the beneficiary as per the instruction of Settlor/Trustee.

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Disclaimer​

While every effort has been made to ensure the accuracy of the information provided in this article, it does not constitute legal advice and cannot be relied upon as such. Each legal case and issue may have unique facts and circumstances, as a result legallex does not accept any responsibility for liabilities arising as a result of reliance upon the information provided. For further help and guidance, you can always rely on and seek advice from our experienced lawyers.

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