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.
