Glossary
Agent A person or organisation who is authorised to act on behalf of another (Principal) and whose actions the Principal is then bound
Attorney A person or organisation who is authorised to act by Power of Attorney
Beneficiary A person who benefits under a Will or Trust
Bequest A gift of property under a Will, also known as a legacy
Estate The assets and liabilities of a person
Executor A person or organisation entrusted by the Willmaker to carry out the provisions of their Will
Intestate A person that dies without leaving a valid Will
Joint Tenancy The ownership of property by several persons, where on the death of one joint owner, the property passes to the survivors
Legacy A gift of property under a Will, also known as a bequest
Life Tenant A beneficiary whose benefit in property is limited to his or her lifetime
Probate The authority of the Supreme Court of Tasmania that a deceased persons Will was their last valid Will entitling the named Executor to administer the estate accordingly
Residuary Beneficiary The class of beneficiaries who share the remainder of the Estate after all debts, expenses, legacies and bequests are paid
Residue The portion of the Estate that remains after all debts, expenses, legacies and bequests are paid
Testamentary trusts Any Trust established under a Will. Often used to split income for tax purposes or to protect vulnerable beneficiaries
Testator A person making a Will (Willmaker)
Will A document providing for distribution of a persons Estate on death
Willmaker A person who makes a Will (Testator)

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