When it comes to Wills and Trusts, there may be certain legal terms you’re caught scratching your head on. Legendary Wills and Trusts is making it simple for you to understand these terms. If you’re still not sure about something or can’t find what you’re looking for, we invite you to Ask the Expert. Our experts are working around the clock to help you.
- A testator is a person who executes a will and is the person whom the will belong to.
- A legacy is a gift from testator left to someone.
- A legatee is a person who receives a legacy.
- A demonstrative legacy or specific legacy or specific gift is a gift of a specific item of tangible or intangible personal property, such as a bank account, shares of stock or bond.
- Probate is the legal process of settling and distributing the estate of a deceased person.
- To die testate means having created a will before death. A person who has not created a will prior to death is said to be intestate.
- A bequest is a gift in the form of personal property, like a car or piece of furniture.
- A codicil is an amendment to a will.
- A devise is special gift of real property in a will.
- A devisee is a person who receives a devise.
- An executor or personal representative is the person designated to administer the estate, generally subject to the supervision of the probate court and in accordance with the testator’s wishes in the will. In most cases, the testator will nominate an executor/personal representative in the will to serve the estate when the testator is gone.