Glossary

Tenants in common

One form of joint ownership of property. If you are purchasing property with another as tenants in common each of you will own a specified share in the property, for example, one half each, or two thirds owned by one party and the remaining third owned by the other party. When you own property as tenants in common and one party dies then that person’s share in the property will be transferred to the person specified in the deceased’s will as the new owner of that share of the property. See also joint tenants

Testamentary trust

a fixed or non-fixed that is established by will and is funded by the assets of the deceased estate or by payments to the estate in consequence of death e.g. superannuation death benefits or insurance proceeds paid to the estate rather than directly to dependants or nominated beneficiaries

Testator/Testatrix Trust

the person who has made the will; an arrangement where assets are held on behalf of another. Trust arrangements may be formal or informal. There are different types of trust

Trustee

a person who holds assets on behalf of another

Trustee powers

those powers given to a trustee to administer a trust fund both by statute and the terms of the trust instrument

Will

Will a document which outlines how a person wishes the assets of their estate to be distributed among beneficiaries. There are certain requirements to ensure the will is valid