KM Splatt and Associates - Solicitors glossary of terms

Glossary of Terms used on our sites

This section is under development Jan '05 (relevent to governing laws in Queensland relating to wills and estates)

age of majority: The age at which a person is granted by law the rights (as ability to sue) and responsibilities (as liability under contract) of an adult. In Queensland this age is 18.
attestation clause: A clause at the end of a will in which the witnesses state that the will was signed and witnessed with all the formalities required by law and which often sets forth those requirements.
beneficiary: The person or entity that is recipient of funds, property or other benefits from a will.
bequeath: To leave or give (personal property) by will.
bestow: A verb which means to gift; grant or give something to another person or entity
codisil: A supplement, appendix or addendum to a will.
death tax: A tax imposed on the privilege of receiving property by inheritance or legal succession and assessed on the value of the property received. It can also refer to a tax imposed on the right to transfer property by inheritance and assessed on the net value of a deceased’s estate before distribution to the heirs. SUCH A TAX DOES NOT EXIST IN QUEENSLAND
dependant: A person who relies on another, in the sense, particularly for financial support.
endowments: Funds or property bestowed to an institution, individual, or group.
estate: The nature and extent of an owner's rights with respect to land or other property including debts.
estate planning: DefinitionThe process whereby an estate and will are structured so to facilitate easy distribution and finalisation of ones property and wishes at death.
executor: A person who is appointed by a testator to execute the testator's will.
heir: A person who inherits or is entitled by law or by the terms of a will to inherit the estate of another.
guardian: One who is legally responsible for the care and management of the person or property of an incompetent or a minor.
intestacy rules: Intestacy means, “not having made a will” and the Intestacy rules govern the distribution and finalisation of an estate if there is no will, or a will cannot be found.
nominate: To appoint or propose for appointment to an office, position, or place in the sense for example, you could use the example of the testator having nominated a particular person to be an executor of the will
probate: A judicial certificate saying that a will is genuine and conferring on the executors the power to administer the estate.
Succession Act 1981: Is an act, enacted by the government, to govern will disputes and preparation in the state of Queensland.
testate: A word used to describe someone who made a valid will before his or her death.
trusts: A legal title to property held by one party for the benefit of another.
will: A legal declaration of how a person wishes his or her possessions to be disposed of after death.

Glossary of Terms used on our sites

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