Testamentary Capacity
The legal and mental capacity to make a Will, including full understanding and comprehension of the extent of their Estate and the nature and effect of their Will.
Will
A legal document outlining an individual’s wishes regarding the distribution of their assets and the care of any minor children.
Bequest
A provision within a Will that specifies the transfer of an asset to a Beneficiary. This is also know as a gift.
Residue/Residuary Estate
The portion of an Estate that remains after all specific bequests, debts, taxes and expenses have been paid. This can be colloquially called the residue.
Guardian
An individual who is legally appointed to care for another person, often a minor whose parents are deceased.
Trust
An arrangement where a Settlor transfers assets to a Trustee to hold and manage for the benefit of a Beneficiary.
Legacy
A gift of personal property or money left to a Beneficiary through a Will. This is often used interchangeably with ‘bequest’ or ‘gift’.
Estate
The totality of a person’s assets and liabilities at the time of their death.
Inheritance
The assets, rights and obligations that are passed down to Beneficiaries from a deceased person.
Life Interest
An arrangement where an individual, known as a Life Tenant, is given the right to occupy a property for the duration of their life, usually granted through a Trust Deed.
Mirror Wills
Wills. typically between couples, that are similar or identical. Each person leaves their Estate to the other, often specifying the same Beneficiaries after they both pass away.
Revocation
The cancellation or annulment of a legal document, such as a Will.
