Glossary

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

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

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

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

someone who receives a benefit under a will or trust

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

see Attorney

see Principal

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

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

all the assets of the deceased person wherever located

those assets which form part of your estate

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

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

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

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

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

means during the lifetime of a person

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

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

a cash gift in a will

the executor or administrator of the estate of a deceased person

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

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

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

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

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

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

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

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