Last Will – Definitions

Here are basic definitions to help when preparing online wills.

Testator – the person making the will

Executor – a person or persons who carries out the instructions in your will. Their duties include collecting your assets, paying taxes and debts, to distribute your assets to the new rightful owners.

Beneficiary – an individual, individuals or organization named in the will, who received your assets

Guardian – people you nominate to take care of any minor children

Estate – everything that belongs to and owed to you at the time of your death

Codicil – a document making minor changes to your Will. It must be signed and witnessed in the same way as your will.

Chattels – tangible assets other than immovable property

Grant of Probate – a grant from the court confirming the appointment of the executor/s named in the will

Immovable – assets that cannot be moved physically, example land and buildings

Intestacy – a person who dies without making a valid Will is said to die intestate

Trustee – persons or entity who holds property on behalf of others, usually for the beneficiaries

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