step.org

Website:https://www.step.org
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Definitions (67)

1

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witnesses


Two adults who are present, together with the will drafter, when they date and sign the will. The witnesses, or any spouse of a witness, cannot receive any benefit from the will.
Source: step.org

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will drafter/will preparer


The person instructed to prepare the will on behalf of the testator.
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will


A legal declaration in which a person names one or more others to manage their estate and oversee the distribution of their property as instructed upon their death.
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trust


A trust is the formal transfer of assets (it might be property, shares or just cash) to a small group of people (usually two or three) or to a trust company with instructions that they hold the assets [..]
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step


The Society of Trust and Estate Practitioners – membership body for professionals advising on family inheritance and succession.
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testator; testatrix


The person making a will.
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testamentary capacity


The term used to describe a person's legal and mental ability to make or alter a valid will.
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probate


The court process by which a will is determined to be valid and granted legal effect, or invalid with assets distributed by a personal representative. 
Source: step.org

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probate


Official confirmation by the Court of the validity of a will and the executors named in it.
Source: step.org

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remunerated executor


Where the executor is paid for their services beyond normal ‘out of pocket’ expenditure.
Source: step.org


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