EIGHT KEY TERMS YOU NEED TO KNOW
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.