Understand the words before making decisions.
Terminology differs across jurisdictions. These are broad educational descriptions.
Beneficiary
A person or organisation entitled to benefit under a will, trust or other arrangement.
Executor
The person responsible for administering an estate under a will.
Settlor / Grantor
The person who creates a trust and transfers or arranges assets for it.
Trustee
A person or organisation responsible for managing trust assets and following the trust terms.
Probate
A legal process for recognising authority to administer an estate.
Estate
The property, rights, debts and obligations associated with a person at death.
Power of Attorney
A document authorising another person to make specified decisions, subject to local law.
Letter of Wishes
A non-binding explanation of preferences that may guide trustees or executors.
Legacy
Anything intentionally passed forward, including assets, knowledge, values, stories or opportunity.