Wills and trusts

300px|thumb|From William Hogarth's ''[[A Rake's Progress''. "The Young Heir Takes Possession Of The Miser's Effects".]]

legal declaration by which a person names one or more persons to manage their estate and provide for the distribution of their property at death (common law)

nonprofit organization with charitable purpose

three-party fiduciary relationship

act of giving (not the act of receiving) property by will

An executor is someone who is responsible for executing, or following through on, an assigned task or duty. The feminine form executrix is sometimes seen in historical documents. The term usually means an executor of a dead person's estate, which is someone whom a will and testament appoints to administer the dead person's estate and distribute their property as the will directs.

A beneficiary in the broadest sense refers to the benefit or advantage someone gets as the result of something else. Within finance, it refers to a person or other legal entity receiving money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. In trust law, beneficiaries are also known as cestui que use.

An inquest is a judicial inquiry in common law jurisdictions, particularly one held to determine the cause of a person's death. Conducted by a judge, jury, or government official, an inquest may or may not require an autopsy carried out by a coroner or medical examiner. Generally, inquests are conducted only when deaths are sudden or unexplained. An inquest may be called at the behest of a coroner, judge, prosecutor, or, in some jurisdictions, upon a formal request from the public. A coroner's jury may be convened to assist in this type of proceeding. Inquest can also mean such a jury and the

Testamentary document

In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death.

Intestacy is the condition of the estate of a person who dies without a legally valid will, resulting in the distribution of their estate under statutory intestacy laws rather than by their expressed wishes. Alternatively this may also apply where a will or declaration has been made, but only applies to part of the estate; the remaining estate forms the "intestate estate". Intestacy law, also referred to as the law of descent and distribution, which varies by jurisdiction, refers to the body of law (statutory and case law), that establishes a hierarchy for inheritance, typically prioritizing c

Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, refers to anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another. A trustee can also be a person who is allowed to do certain tasks but not able to gain income. Although in the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary, the more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a ch

Trust with complete autonomy of trustees

ownership of land for the duration of a person's life

an equitable doctrine that involves one person taking advantage of a position of power over another person

will and testament that has been entirely handwritten and signed by the testator

issue in inheritance law

legal term referring to a transfer or gift made during one's lifetime

attempt by a person to renounce their legal right to benefit from an inheritance

A '''''' is a type of bequest in which the beneficiary is encumbered to convey parts of the decedent's estate to someone else. For example, if a father leaves the family house to his firstborn, on condition that they will bequeath it to their first child. It was one of the most popular legal institutions in ancient Roman law for several centuries. The word is a conjunction of the Latin words ("to/for trust"), dative singular of fides ("trust") and ("left"), nominative neuter singular perfect past participle of committo ("to leave, bequeath, commit"), it thus denotes that something is committed

In trust law, a settlor is a person who settles (i.e. gives into trust) their property for the benefit of the beneficiary. In some legal systems, a settlor is also referred to as a trustor, or occasionally, a grantor or donor. Where the trust is a testamentary trust, the settlor is usually referred to as the testator. The settlor may also be the trustee of the trust (where he declares that he holds his own property on trusts) or a third party may be the trustee (where he transfers the property to the trustee on trusts). In the common law of England and Wales, it has been held, controversially,

form of testate partible inheritance

A testator () is a person who has written and executed a last will and testament that is in effect at the time of their death. It is any "person who makes a will."

court that has competence in a jurisdiction to deal with matters of probate and the administration of estates