Terms Frequently Used in Wills

Terms Frequently Used in Wills

Beneficiary :
Person entitled to receive assets from a testator/testatrix's estate.

Bequest :
Specific item left to someone under a Will - e.g. an item of jewelry, a painting, etc.

Estate :
Term used to generally describe testator/testatrix's possessions, assets and affairs on death.

Executor :
Male person appointed to handle the testator/testatrix’s affairs on death. Female person appointed is called Executix.

Legacy :
Amount of money left to someone under a Will. Person left an amount of money under a Will is called Legatee.

Residue :
Remainder of assets once any specific bequests, legacies, expenses, etc have been paid. More often, it is called Residuary Estate.

Testator :
Male person making a Will. Female person making a Will is called Testatrix.

Trustee :
Another term used for the Executor holding assets in trust for a beneficiary of the Will.

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