A
Abatement
The reduction of gifts in a will when there aren't enough assets to pay everything promised.
Read definition →Ademption
When a gift in a will fails because the item no longer exists.
Read definition →Administration Period
The time between someone's death and when their estate is fully distributed to beneficiaries.
Read definition →Administrator
The person appointed by the court to handle someone's estate when there's no valid will.
Read definition →Administrator with Will Annexed
A person appointed by the court to administer an estate when there's a will but no available executor.
Read definition →Advance Care Directive
A legal document stating your wishes for medical treatment if you can't speak for yourself.
Read definition →Advance Directive
Instructions about medical treatment if you become unable to decide.
Read definition →Advancement
Money or property given to someone before death, counted as part of their inheritance.
Read definition →Affidavit
A written statement confirmed under oath or affirmation to be true.
Read definition →Affinity
The legal relationship created by marriage between one spouse and the blood relatives of the other.
Read definition →Age of Majority
The age when a person legally becomes an adult, which is 18 in Australia.
Read definition →Agent
A person authorized to act on behalf of another person in legal or financial matters.
Read definition →Agnate
A person related through male lineage only.
Read definition →Alternate Beneficiary
A backup person or organization designated to receive a gift if the first choice can't.
Read definition →Ancillary Administration
The additional probate process needed when a deceased person owned property in multiple jurisdictions.
Read definition →Ancillary Probate
Additional probate process in another state where property was owned.
Read definition →Ancillary Will
A supplementary will dealing with property in a different jurisdiction from your main will.
Read definition →Annuity
Investment providing regular payments over time, often for life.
Read definition →Appraisal
Professional assessment of what an asset is worth.
Read definition →Asset Protection Trust
Trust designed to shield assets from creditors and lawsuits.
Read definition →Assets
Everything of value that a person owns, from property and money to personal possessions.
Read definition →Attestation
The act of witnessing someone sign a legal document and signing it yourself to confirm you witnessed it.
Read definition →Attestation Clause
Statement at the end of a will confirming it was properly signed.
Read definition →Attorney-in-Fact
Person authorized to act on your behalf under power of attorney.
Read definition →Augmented Estate
An expanded definition of estate that includes certain transfers made before death to prevent disinheritance.
Read definition →B
Beneficiary
A person or organization who receives something from a will or trust.
Read definition →Beneficiary Designation
The formal process of naming who should receive assets like superannuation or life insurance.
Read definition →Bequest
A gift of property or assets left to someone in a will.
Read definition →Binding Death Benefit Nomination
A legally binding instruction telling your super fund who must receive your superannuation when you die.
Read definition →Blended Family
A family unit that includes children from previous relationships as well as the current relationship.
Read definition →Bloodline Will
A will designed to keep assets within the family bloodline across multiple generations.
Read definition →Bond
A type of security or guarantee that may be required when someone is appointed to administer an estate.
Read definition →Business Succession
Planning for what happens to a business when the owner dies or can no longer run it.
Read definition →Buy-Sell Agreement
Contract determining what happens to business ownership when an owner dies.
Read definition →C
Capacity
Mental ability to understand and make legal decisions.
Read definition →Charitable Remainder Trust
Trust providing income to you now, giving remainder to charity later.
Read definition →Charitable Trust
Trust set up to benefit charitable organizations or causes.
Read definition →Charitable Will
A will that includes gifts to charitable organizations, often used for philanthropy and tax planning.
Read definition →Children
Legal term for offspring, relevant to inheritance and estate planning.
Read definition →Codicil
Document making changes to an existing will.
Read definition →Cognates
Blood relatives through maternal lines.
Read definition →Common Disaster Clause
Provision in a will for if beneficiaries die together.
Read definition →Common Law Marriage
Marriage recognized by living together without formal ceremony.
Read definition →Community Property
Ownership system where spouses equally own assets acquired during marriage.
Read definition →Competent
Having legal ability to make decisions and enter into contracts.
Read definition →Conditional Bequest
Gift in a will that depends on something happening.
Read definition →Conditional Will
A will that only takes effect if certain specified conditions are met.
Read definition →Conservator
Person appointed by court to manage affairs for someone unable to do so.
Read definition →Conservatorship
Court-supervised arrangement to manage affairs for someone unable to do so.
Read definition →Contested Will
A will that is challenged in court, usually by disappointed beneficiaries or family members.
Read definition →Contingent Beneficiary
Backup person who inherits if the first choice cannot.
Read definition →Contingent Will
A will that includes backup beneficiaries in case the primary beneficiaries don't survive.
Read definition →Corpus
The main body of assets in a trust or estate.
Read definition →Court
Judicial body with authority to resolve legal disputes.
Read definition →Creditor
Person or organization owed money by the deceased.
Read definition →Curtesy
Historical husband's right to wife's property after her death.
Read definition →Custodian
Person holding property for someone else, especially for minors.
Read definition →D
Death Benefit
Money paid out when someone dies, typically from insurance or retirement accounts.
Read definition →Death Certificate
Official document recording a person's death.
Read definition →Death Taxes
Taxes imposed on property transfers at death.
Read definition →Deathbed Will
A will made when the testator is seriously ill or facing imminent death.
Read definition →Debts
Money owed by the deceased that must be paid from the estate.
Read definition →Decedent
The person who has died, whose estate is being administered.
Read definition →Declaration of Trust
Document stating someone holds property in trust for another person.
Read definition →Deed
Legal document transferring ownership of real property.
Read definition →Dependent
Person relying on another for financial support.
Read definition →Descendants
All people who descend from a common ancestor.
Read definition →Descent
Legal process of property passing from deceased to heirs.
Read definition →Devise
Gift of real property left in a will.
Read definition →Digital Assets
Online accounts, files, and property with monetary or sentimental value.
Read definition →Digital Will
A will that includes instructions for digital assets like online accounts, cryptocurrencies, and digital files.
Read definition →Disinherit
Intentionally exclude someone from inheriting your estate.
Read definition →Disposition
Transfer of property or assets to another person.
Read definition →Distribution
Process of dividing estate assets among beneficiaries.
Read definition →Divorce
Legal ending of a marriage that affects estate rights and inheritances.
Read definition →Domicile
Your permanent legal home that determines which laws govern your estate.
Read definition →Donee
The person who receives a gift or power under a legal document.
Read definition →Donor
The person who gives a gift or grants power to another person.
Read definition →Dower
Historical right of a wife to inherit portion of husband's estate.
Read definition →Durable Power of Attorney
Power of attorney that continues even if you lose mental capacity.
Read definition →E
Elective Share
Legal right of a spouse to claim portion of estate.
Read definition →Enduring Guardian
Person appointed to make personal and health decisions if you can't.
Read definition →Enduring Power of Attorney
Australian document appointing someone to manage your financial affairs during incapacity.
Read definition →Estate
All the property and assets a person owns at death.
Read definition →Estate Administration
The process of settling a deceased person's financial affairs and distributing assets.
Read definition →Estate Planning
Arranging how your assets will be managed and distributed after death.
Read definition →Estate Tax
Tax imposed on the total value of a deceased person's estate.
Read definition →Estate Tax Return
Tax form reporting estate value and calculating any estate tax owed.
Read definition →Executor
The person named in a will to manage and distribute the estate after death.
Read definition →Executrix
Traditional feminine term for a female executor of a will.
Read definition →F
Fair Market Value
Price an asset would sell for between willing buyers and sellers.
Read definition →Family Allowance
Funds set aside from estate for family's immediate living expenses.
Read definition →Family Trust
Trust established to hold and manage assets for family members' benefit.
Read definition →Fiduciary
Person legally required to act in another person's best interests.
Read definition →Fiduciary Duty
Legal obligation to act solely in another person's best interests.
Read definition →Final Distribution
The last transfer of estate assets to beneficiaries after all obligations settled.
Read definition →Force and Effect
Legal phrase meaning valid and operative according to law.
Read definition →Formal Will
Will that meets all legal formalities including witnesses and signatures.
Read definition →Fraudulent Conveyance
Transferring property to avoid paying debts or deceiving creditors.
Read definition →G
Generation-Skipping Transfer Tax
A U.S. federal tax on transfers that skip a generation, such as gifts from grandparents directly to grandchildren.
Read definition →Gift
A voluntary transfer of property or assets from one person to another without payment or compensation.
Read definition →Gift Tax
Tax imposed on transfers of property during lifetime.
Read definition →Grantor
Person who creates a trust and transfers assets into it.
Read definition →Gross Estate
Total value of all assets owned at death before deductions.
Read definition →Guardian
Person legally responsible for caring for a minor child or incapacitated adult.
Read definition →Guardian ad Litem
Court-appointed representative protecting interests of minors or incapacitated persons in legal proceedings.
Read definition →Guardianship
Legal arrangement giving someone authority to care for another person.
Read definition →H
Heir
Someone entitled to inherit under the law when there's no will.
Read definition →Heir Apparent
Someone certain to inherit unless they die first.
Read definition →Heirs at Law
The people entitled to inherit under intestacy laws.
Read definition →Holographic Will
A will written entirely in the testator's own handwriting.
Read definition →Homestead
A person's primary residence and the land it sits on.
Read definition →Homestead Exemption
Legal protection preventing forced sale of a primary residence.
Read definition →I
Illegitimate
Outdated term for a child born outside marriage.
Read definition →Incapacity
Inability to make or communicate decisions about your own affairs.
Read definition →Income Beneficiary
Someone entitled to receive income from a trust, but not the capital.
Read definition →Incompetent
Outdated legal term for someone lacking capacity to manage their affairs.
Read definition →Inheritance
Property or assets received from someone who has died.
Read definition →Inheritance Tax
Tax paid on property received from someone who has died.
Read definition →Insolvent
Unable to pay debts as they fall due.
Read definition →Intangible Property
Property without physical form, like shares, patents, or digital assets.
Read definition →Inter Vivos Trust
A trust created while you're alive, rather than by your will.
Read definition →Interested Party
Someone with a legal or financial interest in an estate or trust.
Read definition →Intestacy
The state of dying without a valid will.
Read definition →Intestate
Dying without a valid will.
Read definition →Intestate Succession
The legal rules determining who inherits when there's no will.
Read definition →Inventory
A detailed list of all assets in an estate.
Read definition →Irrevocable Trust
A trust that cannot be changed or revoked once established.
Read definition →Issue
Legal term for all descendants - children, grandchildren, and beyond.
Read definition →J
Joint Tenancy
Co-ownership where owners hold equal shares with right of survivorship.
Read definition →Joint Tenancy with Right of Survivorship
Property ownership where surviving owner automatically inherits when one dies.
Read definition →Joint Will
A single will made by two people, usually containing mutual provisions.
Read definition →L
Lapsed Gift
A gift in a will that fails because the beneficiary died first.
Read definition →Legacy
A gift of personal property in a will.
Read definition →Legatee
Someone who receives a legacy or bequest in a will.
Read definition →Letters of Administration
Court document giving authority to administer an estate when there's no will.
Read definition →Letters Testamentary
Court document confirming an executor's authority to administer an estate.
Read definition →Life Estate
The right to use property during your lifetime, but not to own it.
Read definition →Life Insurance
A contract paying money to beneficiaries when the insured person dies.
Read definition →Life Insurance Trust
A trust created to own and manage life insurance policies.
Read definition →Life Interest
The right to benefit from property during your lifetime.
Read definition →Life Tenant
Someone with the right to use property during their lifetime.
Read definition →Lifetime Gift
Property given away while you're still alive.
Read definition →Living Trust
A trust you create and fund during your lifetime to manage and distribute your assets.
Read definition →Living Will
A document stating your wishes for medical treatment if you can't communicate them yourself.
Read definition →M
Marital Deduction
A tax rule allowing unlimited transfers between spouses without gift or estate tax.
Read definition →Mental Capacity
The legal ability to understand and make decisions about your affairs.
Read definition →Minor
A person who hasn't yet reached the age of legal adulthood.
Read definition →Mirror Will
Wills made by two people with matching terms, each leaving everything to the other.
Read definition →Mutual Will
Wills made by two people with a binding agreement not to change them.
Read definition →N
Next of Kin
Your closest living blood relatives, determined by law.
Read definition →No-Contest Clause
A clause that disinherits anyone who challenges the will.
Read definition →Nominee
A person or entity designated to hold legal title to property on behalf of the beneficial owner.
Read definition →Non-Probate Assets
Assets that pass directly to beneficiaries without going through probate.
Read definition →Notary Public
An official authorized to witness signatures and certify documents.
Read definition →Notice to Creditors
A formal notice requiring creditors to make claims against an estate within a set time.
Read definition →Nuncupative Will
A will declared orally rather than written down—rarely valid in modern law.
Read definition →O
P
Parent
A person's mother or father, whether biological, adoptive, or in some cases step-parent.
Read definition →Partial Intestacy
When a will doesn't dispose of all property, leaving some to pass by intestacy rules.
Read definition →Pay-on-Death Account
A bank account with a named beneficiary who receives the funds when the owner dies.
Read definition →Per Capita
A distribution method where beneficiaries share equally 'by head' regardless of family branch.
Read definition →Per Stirpes
A distribution method where inheritance passes down family branches to descendants.
Read definition →Personal Effects
Items of personal use like clothing, jewelry, and household items.
Read definition →Personal Property
Movable assets like furniture, jewelry, vehicles, and belongings—as opposed to real estate.
Read definition →Personal Representative
A general term for the person authorized to administer a deceased person's estate, whether appointed by will or by the court.
Read definition →Petition
A formal written request submitted to a court asking for a specific order or action in probate or estate matters.
Read definition →Posthumous Child
A child born after their parent's death, with specific inheritance rights under law.
Read definition →Pour-Over Will
A will that transfers any remaining assets into a trust after death, 'pouring over' everything not already in the trust.
Read definition →Power of Appointment
A right given to someone to decide who will receive property from a trust or estate.
Read definition →Power of Attorney
A legal document giving someone authority to make decisions and act on your behalf during your lifetime.
Read definition →Precatory Language
Words in a will expressing wishes or hopes rather than creating binding obligations.
Read definition →Pretermitted Child
A child born or adopted after a will was made who was not provided for or mentioned in that will.
Read definition →Pretermitted Heir
An heir who was omitted from a will, usually unintentionally, and may be entitled to a share of the estate by law.
Read definition →Principal
The person who grants authority to another to act on their behalf, or the original capital amount in a trust or investment (as opposed to income or interest).
Read definition →Probate
The legal process of validating a will and administering a deceased person's estate through the court system.
Read definition →Probate Assets
Assets that must go through the probate process and are distributed according to a will or intestacy laws.
Read definition →Probate Court
The court that handles wills, estates, and guardianship matters.
Read definition →Probate Estate
The portion of a deceased person's assets that must go through probate court.
Read definition →Probate Process
The series of legal steps required to validate a will and distribute a deceased person's estate through court.
Read definition →Probate Property
Another term for probate assets—property that must pass through the probate process.
Read definition →Proration
The proportional division of estate taxes, expenses, or assets among beneficiaries based on what each receives.
Read definition →R
Real Property
Land and anything permanently attached to it, such as buildings and structures.
Read definition →Remainderman
The person entitled to receive property after a life estate or income interest ends.
Read definition →Renunciation
The formal refusal to accept an inheritance, gift, or appointment as executor or trustee.
Read definition →Representation
The principle that descendants can inherit their deceased parent's share of an estate.
Read definition →Residuary Beneficiary
The person who receives whatever is left in an estate after all specific gifts, debts, and expenses are paid.
Read definition →Residuary Clause
The part of a will that distributes everything not specifically mentioned elsewhere in the will.
Read definition →Residuary Estate
What remains of an estate after all specific gifts, debts, taxes, and expenses are paid.
Read definition →Residue
Another term for the residuary estate—what remains after specific gifts and obligations are satisfied.
Read definition →Restatement of Trust
A complete rewriting of a trust document that replaces the original while maintaining the trust's legal existence.
Read definition →Resulting Trust
A trust implied by law when someone transfers property but the intended purpose fails or is unclear.
Read definition →Revocable Trust
A trust that can be changed or cancelled by the person who created it during their lifetime.
Read definition →Revocation
The cancellation or withdrawal of a will, trust, power of attorney, or other legal document.
Read definition →Right of Survivorship
The automatic transfer of a deceased joint owner's share to the surviving joint owner(s).
Read definition →S
Self-Managed Super Fund (SMSF)
A private superannuation fund that you manage yourself rather than using a commercial super fund.
Read definition →Self-Proving Will
A will with a special affidavit attached that allows it to be validated without witnesses appearing in court.
Read definition →Separate Property
Property owned individually by one spouse, not jointly with the other spouse.
Read definition →Settlor
The person who creates a trust and transfers property into it.
Read definition →Simultaneous Death
When two or more people die at the same time or in circumstances where order of death cannot be determined.
Read definition →Small Estate Administration
A simplified probate process for estates below a certain value threshold.
Read definition →Spendthrift Clause
A provision in a trust that prevents beneficiaries from transferring their interests and protects trust assets from creditors.
Read definition →Spendthrift Trust
A trust with provisions preventing beneficiaries from wasting assets and protecting them from creditors.
Read definition →Spouse
A person's husband, wife, or legally recognized partner.
Read definition →Statute of Descent and Distribution
Laws that determine who inherits property when someone dies without a will.
Read definition →Statute of Frauds
Laws requiring certain contracts and agreements to be in writing to be enforceable.
Read definition →Statute of Limitations
Time limits for bringing legal claims or lawsuits, after which claims are barred.
Read definition →Stepped-Up Basis
The adjusted value of inherited property for tax purposes, typically reset to fair market value at date of death.
Read definition →Stirpes
Short for 'per stirpes'—a method of distributing an estate by family branches rather than equally among individuals.
Read definition →Successor Trustee
The person or entity named to take over as trustee when the original trustee can no longer serve.
Read definition →Summary Administration
A simplified, faster probate process for small or straightforward estates.
Read definition →Superannuation Death Benefit
The payment made from a deceased person's superannuation fund to nominated beneficiaries or their estate.
Read definition →Surety
A person or entity that guarantees to pay another person's debt or fulfill their obligation if they fail to do so.
Read definition →Surviving Spouse
The husband or wife who is still alive after their spouse has died.
Read definition →T
Tangible Personal Property
Physical items you can touch and move that aren't real estate, like furniture, jewelry, cars, and collectibles.
Read definition →Tenancy by the Entirety
A special form of property co-ownership available only to married couples where both own 100% of the property.
Read definition →Tenancy in Common
A form of property co-ownership where each owner holds a separate, divisible share that passes to their heirs, not to the other co-owners.
Read definition →Testamentary
An adjective meaning relating to a will or taking effect at death.
Read definition →Testamentary Capacity
The mental ability required to make a valid will, including understanding what you own and who should inherit it.
Read definition →Testamentary Disposition
A gift or transfer of property that takes effect only upon the death of the person making it, typically through a will.
Read definition →Testamentary Intent
The mental intention to create a document that will distribute your property after death.
Read definition →Testamentary Trust
A trust created by a will that only comes into existence after the testator dies.
Read definition →Testate
Dying with a valid will in place.
Read definition →Testator
A person who has made a will or who dies leaving a valid will.
Read definition →Testatrix
An outdated feminine form of testator—a woman who has made a will.
Read definition →Title
Legal ownership or the right to own property, or the document proving that ownership.
Read definition →Totten Trust
A bank account in one person's name held in trust for another, payable to the beneficiary upon the depositor's death.
Read definition →Transfer on Death
A designation allowing property to pass directly to a named beneficiary upon the owner's death, avoiding probate.
Read definition →Trust
A legal arrangement where one person holds and manages property for the benefit of another.
Read definition →Trust Agreement
The legal document that creates a trust and sets out its terms, beneficiaries, and trustee powers.
Read definition →Trust Asset
Property that has been transferred into a trust and is owned by the trust.
Read definition →Trust Company
A financial institution authorized to act as trustee, executor, or in other fiduciary capacities.
Read definition →Trust Document
The written legal instrument that establishes and governs a trust.
Read definition →Trust Estate
All property and assets held by a trust at any given time.
Read definition →Trust Fund
Money or property held in trust for the benefit of beneficiaries.
Read definition →Trust Instrument
The formal legal document that creates and governs a trust.
Read definition →Trust Property
All assets and property held in and owned by a trust.
Read definition →Trustee
The person or entity responsible for managing and administering a trust for the benefit of the beneficiaries.
Read definition →Trustor
Another term for settlor—the person who creates a trust and transfers property into it.
Read definition →U
Undue Influence
Improper pressure or manipulation that overcomes someone's free will when making a will or other legal document.
Read definition →Unified Credit
A U.S. tax credit that exempts a certain amount of wealth from estate and gift taxes.
Read definition →Uniform Probate Code
A standardized set of laws governing wills, trusts, and estates adopted by many U.S. states.
Read definition →Uniform Transfer to Minors Act
A law allowing simple transfers of property to minors through a custodian without requiring a formal trust.
Read definition →Unlimited Marital Deduction
A U.S. tax rule allowing unlimited transfers between spouses without estate or gift tax.
Read definition →V
Valid Will
A will that meets all legal requirements and can be enforced by a court.
Read definition →Vest
To give someone an immediate, fixed right to property, even if possession or enjoyment is delayed.
Read definition →Vested Interest
A fixed, guaranteed right to property that cannot be taken away, even if possession is delayed.
Read definition →Void
Having no legal effect; invalid from the beginning.
Read definition →W
Waiver
The voluntary relinquishment of a known right or claim.
Read definition →Ward
A person, typically a minor or incapacitated adult, under the legal protection and care of a guardian.
Read definition →Will
A legal document stating how a person's property should be distributed after their death.
Read definition →Will Contest
A legal challenge to the validity of a will in court.
Read definition →Witness
A person who observes the signing of a legal document and signs it to confirm its authenticity.
Read definition →