Statutes -- When an estate is not enough to provide beneficiaries the desired income or property
after paying off all creditors.
Ademption Statutes -- Where property identified in the will
is missing upon death.
Antilapse Statutes -- Where beneficiaries die first.
or Legacy -- You bequeath your personal property to a legatee.
Beneficiary [also Grantee or Donee]
-- Intended recipients of trust funds.
Codicil -- A document modifying a will.
You devise real property to your devisee.
Dispositive Clauses -- Will's giving clauses in
which it is specified who will receive various portions of the estate.
Exordium Clause --
The introductory clause in your will where you state:
Doe, of XXX City, County of YYY, and State of ZZZ, being of sound mind . . .
Where a person dies without a will, that person is considered to have died intestate.
Personal Representative (formerly
executor or executrix) -- The person or entity you desire to manage your estate after death. Technically, to be the personal
representative, this person must be approved by the probate court.
Probate -- The legal process
of ensuring that a decedent's property is identified, collected, and properly preserved and for ensuring that the decedent's
debts and taxes are paid with the remaining property distributed to the heirs indicated in the will of the decedent (or, if
the decedent died intestate, to the proper heirs of the decedent.
Settlor [also Grantor or Donor]
-- The person creating the trust.
Testamonium Clauses -- Will's signature clauses.
Testator -- The person who made the will.
Trustee -- The person or
entity selected to administer the trust