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Legatee – beneficiary of personal property under a will, i.e., a person receiving a legacy. Probate – legal process of settling the estate of a deceased person. Residuary estate - the portion of an estate remaining after the payment of expenses and the distribution of specific bequests; this passes to the residuary legatees.
Administration (probate law) In common-law jurisdictions, administration of an estate on death arises if the deceased is legally intestate, meaning they did not leave a will, or some assets are not disposed of by their will. Where a person dies leaving a will appointing an executor, and that executor validly disposes of the property of the ...
The instruction is sometimes known as a banker's order. They are typically used to pay rent, mortgage or any other fixed regular payments. Because the amounts paid are fixed, a standing order is not usually suitable for paying variable bills such as credit cards or gas and electricity bills. Standing orders are available in the banking systems ...
Letter of wishes. In trust law, a letter of wishes is a tool used by a settlor when setting up a trust, to pass along information to the trustees. A letter of wishes usually contains instructions or extra information for the trustees. The trustees are not legally bound to follow a letter of wishes, but it is guidance that they must take into ...
Here are six lessons I learned from inheriting my mother’s house. 1. Discuss estate planning with your parents while you can. Inheriting a house is a process that should begin well before a ...
Letter of comfort (contract law) A letter of comfort, sometimes called a "letter of intent", is a communication from a party to a contract to the other party that indicates an initial willingness to enter into a contractual obligation absent the elements of a legally enforceable contract. The objective is to create a morally binding but not ...