Administrator – An Administrator is the person appointed by law to deal with the deceased’s affairs, who died without a will. A potential beneficiary or family member may apply to the Probate Registry to take on this responsibility. If the deceased has left a WILL, this role is that of an ‘executor’.
Beneficiary – A Beneficiary is a person or entity that is listed in a WILL to receive the benefits of the WILL.
Codicil – A Codicil is an addition or a supplement made to a WILL. A Codicil may explain, modify or revoke a previous WILL provision. A Codicil must be signed and witness as those used in the WILL. There may be several codicils to one WILL and the whole will be taken as one.
Crown or Treasury or State – This effectively refers to the government. If the WILL is invalid or has substantial errors or the deceased did not have a WILL, then the Crown/Treasury/State can claim your assets.
Estate – An Estate consists of all the properties (including land, house, cash, jewellery, vehicle, stocks & shares, bonds, etc) that a person owns.
Estate Duty (Tax) –
See "What's the difference between Inheritance Tax and Estate Tax (Estate Duty)?"
Executor – An Executor is a person who is appointed in a WILL to administer or distribute the estate of the Testator. The Executor is entitled to have his expenses (in administering the WILL) paid out of the estate.
Guardian – A Guardian is a person who has the legal authority to care for another person (called a Ward). The Guardian is responsible for the welfare of the Ward because the Ward is incapable of caring for his/her own interests due to infancy, incapacity or disability.
Guardian of a Person or Personal Guardian – A Personal Guardian has the responsibility or duty to care for another person (called a Ward). The Personal Guardian is responsible for the Ward's welfare, support, care, health, maintenance and education.
Guardian of an Estate or Estate Guardian – An Estate Guardian has the responsibility or duty to care for the financial aspect of the WILL - to manage, invest and distribute the assets in the estate.
Inheritance Tax –
See "What's the difference between Inheritance Tax and Estate Tax (Estate Duty)?"
Intestacy – Intestacy is a situation where a person dies without leaving a WILL. Intestacy also applies to property which is not covered by a WILL.
Probate – A Probate is a process of transferring the estate of the deceased to the beneficiary. It is a process of determining who gets what in the deceased’s WILL. It also involve the process of identifying, listing, accounting and appraisal of the deceased’s property, and payment of taxes and creditors.
Testament – is a WILL
Testator – A Testator is the person making the WILL.
Trust - A Trust is a relationship in which a person, called a trustor, transfers his/her assets to another person, called a trustee. The trustee then manages and controls this asset for the benefit of a third person, called a beneficiary.
Trustee – A Trustee is a person who holds the property on behalf of another person, especially when the estate is being administered. A Trustee can also be appointed to hold or administer the estate for the benefit of an underage child.
Ward - A Ward is a person placed under the protection of a legal guardian.
WILL – A WILL is a legal document which tells others how the person (Testator) wants his/her estate to be distributor after his/her death. A WILL can also be used to appoint a legal guardian to look after children until a time where they can look after themselves. A WILL must be signed and witness.
Witness – A Witness (in the context of WILL writing) is someonen who sees the Testator sign and date a WILL. The Witness will then sign the WILL after the Testator has signed. A Witness cannot be a beneficiary in the WILL and must be an adult.
Please consult your legal advisor on the actual explanation of the above jargons, terms and its implication.
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