Business Today

EIGHT KEY TERMS YOU NEED TO KNOW

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Intestate: If a person dies without making a will, he/she dies intestate Testator: It is the person who writes the will Executor: A person or institutio­n appointed by the testator to execute the terms of the will Nominee: A person who receives asset/s on the death of the owner. But as per law, a nominee is a trustee or caretaker of asset/s till it is transferre­d to the legal heir. Succession Certificat­e: It establishe­s the authentici­ty of the heirs and gives them the authority to inherit debts, securities and other assets that the deceased may have left behind. Legal Heirship Certificat­e: A legal heirship certificat­e is issued to identify the living heirs of a deceased person Probate: A copy of the will certified under the seal of a court of competent jurisdicti­on with grant of administra­tion of the estate of testator. It is an order given by a court, certifying the will as valid. Letter of Administra­tion: If someone dies intestate or when no executor has been appointed under the will of the deceased or when an executor has been appointed but he/she refuses to act, a Letter of Administra­tion may be issued to entitle the administra­tor to all rights required for effective administra­tion of the estate of the deceased.

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