Administration of an estate - term used for the work of the executor or administrator in carrying out the terms of a will.
Beneficiary - person or organisation benefiting under a will.
Bequest - gift of an identifiable asset (not money) to person/organisation in will. However, the terms bequest (not money) and legacy (money) are often used interchangeably in general usage.
Binding Death Benefit Nomination - Superannuation does not automatically flow to the estate of the deceased. The trustee of the super fund will generally pay a death benefit in accordance with the governing rules of the fund. A binding death benefit nomination (BDBN) is a way to override trustee discretion.
Estate - the totality of the property which the deceased owned or had some interest in at the time of death.
Executor - a person appointed by a will-maker to ensure that the intentions in a will are carried out.
Family provision - term used in Australia and New Zealand for provision made for family members in a will.
Family provision application - can by made by an eligible person in the event that a will does not provide for their adequate maintenance in accordance with s41 of the Succession Act (QLD)
Intestate - Dying without leaving a will, or leaving an invalid will, so that the property of the estate passes by the laws of succession rather than by the direction of the deceased
Legacy - a gift of money to a beneficiary in the will.
Letters of administration - a document giving an administrator the right to deal with a will
Presently entitled - Beneficiaries to the income of a deceased estate are presently entitled to that income if they have an indefeasible, absolutely vested interest in the income of the estate. (i.e. their interest in the income can't be defeated by another person)
Probate - the granting of the right to administer a will.
Residuary legacy - remainder of your (money) estate left as a legacy after bequests and specific legacies have been distributed and all debts cleared.
Residue of estate - possessions, property and money remaining after all debts are settled and all gifts are distributed in accordance with the will.
Reversionary legacy - a legacy consisting of the assets or money left after a life interest has been fulfilled.
Reversionary pension - is a pension or income stream that is payable to a beneficiary upon a member’s death. The pension automatically reverts to a beneficiary and therefore does not allow for superannuation trustee discretion
Superannuation death benefit - A superannuation death benefit is a payment made to a dependent beneficiary or to the trustee of a deceased estate after a member has died.