Glossary

Interim order

an order made by a court until another order or a final order is made

Administrator

means a person or corporation appointed to administer the estate of a deceased person who dies either without a will or with a will but without an executor or the executor dies or is unable or unwilling to act as executor

Appointor

the person who can appoint and remove the trustee of a trust and therefore is the person who controls the trust

Attorney

the person who receives the power to act on behalf of another. The terms grantee or donee may also be used

Beneficiary

someone who receives a benefit under a will or trust

Codicil

a document executed as a will but which amends an existing will

Donee

see Attorney

Donor

see Principal

Enduring Guardianship

the appointment of an enduring guardian pursuant to the provisions of the Guardianship Act 1987 (NSW)

Enduring Power of Attorney

a type of power of attorney that continues to operate after the principal loses mental capacity

Estate

all the assets of the deceased person wherever located

Estate assets

those assets which form part of your estate

Estate plan

a way of ensuring that your estate assets are passed onto your beneficiaries in the most financially efficient and tax effective way possible

Executor

the person nominated in a person’s will who administers the terms of the wills

Guardian

one who is legally responsible for the care and management of the person or property of an incompetent or a minor

Informal Will

a document executed by a person with the intention that it represent their testamentary intentions even though the document is not executed in strict conformity with the requirements of the legislation

Inheritance

a benefit received via a will on the death of a person

Inter vivos

means during the lifetime of a person

Intestacy/Intestate

is where a person dies without a will or the will is invalid. It can also extend to situations where the will has been invalidly executed

Joint Tenants

One form of joint ownership of property. If you are purchasing property with another as joint tenants you both will own the whole of the property rather than any identified share of the property and should one of you die then your share of the property will pass automatically into the survivor’s name. See also Tenants in Common

Legacy

a cash gift in a will

Legal Personal Representative

the executor or administrator of the estate of a deceased person

Letters of Administration

an official document granted by the court to allow an estate to be administered where either the person has died intestate, the will is invalid, there is no executor or there are proceeds remaining in the estate which are not detailed in the will

Minor

a person under the age of eighteen (18) years of age

Non estate assets

assets which pass directly and automatically to another on your death without passing through your estate

Principal

the person who grants a power of attorney. This person may also be referred to as the grantor or donor

Probate

an official document which states the will of a deceased person is their last will and testament. It allows the administration of the estate by the executor to proceed

Protected asset

those assets owned by a deceased which are not available to creditors for payment of debts unless they are specifically charged by deed or in the deceased’s will. Those assets are however available to pay funeral and testamentary expenses

Remainderman

a person who shares in estate assets after the individual with a life interest has died

Residuary estate

those assets of a deceased person which remain after the payment of all debts, funeral and testamentary expenses and any specific gifts or legacies