Glossary
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.
Poll ID 7 does not exist.
Page Updated:
17-Jan-2005