Terms Frequently Used in Wills
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.