Deceased Estate Administration Fact Sheet  

Administrator – The person who settles your affairs if you die without leaving a will and who applies to the court for administration of your estate

Beneficiary - Someone who benefits under your will

Bequest – see Legacy

Codicil – A further document making a change or addition to provisions in your will.  It becomes part of your last will.

Estate - The assets (property, possessions and money) and liabilities that you leave behind when you die

Executor – The person nominated in your will to administer your estate to see that your wishes and instructions are carried out after your deat

Family Provision Act - New South Wales legislation whereby certain "eligible persons" may, if they believe they have not been properly provided for, apply to the court for provision or additional provision to be made for them out of a deceased person's estate

Intestacy - The situation that arises when someone dies without making a will.  If you die without leaving a will and have no surviving relatives everything you own may go to the State Government. Partial Intestacy is the name for the situation that arises when someone’s will does not dispose of their entire estate

Intestate – A person who dies without making a will

Legacy – A gift made in your will.  The three main types are:

·      Specific legacy – a particular property or item, such as real estate, shares, personal items

·      Pecuniary legacy – a gift of a specific sum of cash

·      Residuary legacy – a gift of the residue of your estate – see Residue

Legal Personal Representatives – Persons who have obtained letters of administration or probate authorising them to administer a deceased person’s estate

Letters of Administration – Authority granted by the court to a specified person to act as an administrator of a deceased person’s estate where there is no will

Minority - Period during which a person is under 18 years of age.   A minor cannot legally take a benefit under will until he or she attains their majority

Probate – A certificate issued by the court on the application of the executor/s appointed by the will, to the effect that the will is valid and that the executors are authorised to administer the deceased persons estate

Residue – what remains for distribution to your beneficiaries after your debts, funeral and testamentary expenses have been paid, and any gifts of specific items have been paid or transferred to the persons you nominated

Testator (Male) or Testatrix (Female) – The person making the will

Trust – A provision you can make in your will to administer part of your assets after your death, for example on behalf of your children if they are still minors, or on behalf of a person suffering from some incapacity or disabilit

Disclaimer: The information contained on this page is of a general nature only. You should always consult a solicitor for legal advice on specific circumstances and facts

 

F C Bryant Thomas & Co

Lawyers
3/21 King Street Rockdale
9567-0288
Email: admin@bryant-thomas.com.au
Web: www.bryant-thomas.com.au