This could be tangible or intangible resources with economic value that an individual owns or controls with expectation that it would provide future benefits.
Al-wasiyya (Islamic Will)
This is the process of crafting a Will (Al-Wasiyya) by following the tenets of Islam as laid down in the Qur’an.
The Testator of an Al-wasiyya (Islamic Will)
Business Succession Planning
Business succession planning is the process of deciding the methods and timing of the transfer of ownership in a business and the transition and training of the management of that business in line with transfer objectives.
An individual or organisation who receives (or is named to receive) the benefits of an Estate.
A Trust that caters for the needs of named dependents. The benefits to be derived by the beneficiaries would normally be stated in the Trust Deed
A person who is related to another person usually through (biological) lineage to that person.
The process of anticipating and arranging for the transfer of an Estate (wealth/property/assets) during a person’s lifetime and after their passing in order to ensure their wishes and desires are fulfilled and transfer costs are minimised.
A type of Living Trust created by a Settlor to cater for the education and/or development related needs of the named beneficiary(ies) which could include (family members, friends or organisations).
An investment fund created to achieve a specific purpose such that withdrawals can be made on a regular basis from the invested capital.
Estate administration involves settlement, management and distribution of a deceased person’s Estate by persons or an organisation assigned/approved by the Court, where the deceased party has died Intestate; i.e. without a Will.
An Estate Administrator is a person appointed via the probate system to manage the assets within an Estate in which the deceased passed on intestate; i.e. without any Will or Trust arrangement.
A named person or an institution saddled with the power and responsibilities of managing assets within an Estate and transferring same to the named beneficiaries in a Will
This is process through which a Testator/Testatrix appoints certain individuals or an institution to act as Executor/Executrix to his/her Estate. The powers and responsibilities of the Executor/Executrix comes into effect after the Will has gone through probate.
A levy by the State on the Estate of a deceased person.
A Trust created to benefit persons who are related to the Settlor by blood, affinity or law to meet stated family needs and welfare. Family Trust can also acts as an instrument to pass on the Settlor’s assets to future generations.
Grant of Probate
A legal document that authorises Executors to manage the Estate of a deceased person in accordance to the provisions of the deceased’s Will.
A person entrusted with the care of others who are minors or physically-challenged until such a time as they are able to cater to themselves. A guardian may be appointed by a court if no such provision is made in a Testamentary document.
Generational Skipping Trust
A type of Trust in which the Settlor passes the assets to the grandchildren rather than the children.
A person legally entitled to receive property, position, or title of a relative upon their passing.
A Trust arrangement that cannot be amended, changed or terminated during the Settlor’s lifetime except by a court order or consent of all named beneficiaries.
The opportunity for an individual or organisation to own or take possession of assets transferred after the passing of an individual.
When an individual dies without a Will in place.
The condition of the Estate/assets of an individual who dies without any form of Estate plan.
An agreement where the Trustee holds the legal possession of a Fund or assets that belong to another party – the Settlor – and is created while the Settlor is alive. A Living Trust can either be revocable or irrevocable. Examples of Living Trusts include Education Trust and Family Trust.
Letter of Administration
A document/ decree that gives an individual control over an Estate by the Surrogate Court or Probate Registry. This document serves as evidence of the administrator’s authority.
This describes the valuables that are left for named individuals via a Will or Trust arrangement.
A Trust created for the benefits of future generations. It is similar to a Descendant Trust.
The authority that validates the powers and functions of an Executor without prejudice to the authority of the Executor, as derived from the Will.
A court that deals with the legal certification of Wills and the administration of Estates of the deceased.
Power of Attorney
A named individual or institution with the authority act in the stead of the naming party (the Principal) in matters relating to business, personal decisions, or other legal matters, where that party is unavailable or unable to carry out their own duties.
This is the section of the probate court that deals with probate applications.
An arrangement where a Trust agreement can be altered or canceled dependent on the wishes of the Settlor. During the lifetime of the Trust, income earned is distributed to the Settlor, and only after the passing of the Settlor can property/assets be transferred to the beneficiaries of the Trust.
The person who creates a Trust arrangement by transferring assets to a Trustee for the benefits of named beneficiaries.
This is process of planning and executing the transfer of authority, titles, and ownership rights from one party to another.
An arrangement between two persons/a person and an organisation/two organisations, where one party agrees to hold and/manage property/assets for the benefit of the other party(ies) for a period, at an agreed fee.
A formal written document which outlines the terms of a Trust arrangement and also details the responsibilities of the parties under the arrangement.
A Trust created as part of a Will, which comes into effect after the passing of the Testator. With a Testamentary Trust, the assets must go through probate before they become subject to the Trust.
A person who has made a Will or bestowed a legacy.
An individual or an entity in charge holding or administering the property owned by a Trust. He/She may be named in the Will, or may be appointed by the probate court which handles the will.
A party appointed by the Settlor to ensure that Trustees continue to adhere to the terms and conditions of the Trust arrangement.
A legally-binding document/statement detailing how a person’s wealth is to be distributed after their passing, and naming the person or persons who are to serve as executor, seeing to the distribution of the Estate/assets. A Will is also referred to as a Testament and the writer of a Will, a Testator.
The custody, management and investment of wealth (assets) owned or controlled by an individual in line with his/her Estate Plan.
This is part of Estate planning that addresses the re-distribution of income and wealth from one party to another.