Some of the terminology used when managing a deceased estate can be confusing. We've created a glossary of some common terms to help you cut through the bank speak.
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Deceased estate glossary
Common termsÂ
| Term | Explanation |
|---|---|
|
AdministratorÂ
|
A person or persons appointed by the court to administer a deceased person’s estate where there is no Will.
|
|
AML/CTF Act
|
The Anti-Money Laundering/Counter-Terrorism Financing Act requires Banks to identify people who they have financial dealings with.
|
|
Beneficiary
|
A person who is left something in a Will.
|
|
Certified document
|
Copies of documents which have been confirmed as 'true copies of the originals' by a person authorised to do so.
|
|
Claimant
|
A person making a claim on an estate.
|
|
Date of death balances
|
Balance of assets and debts held by the deceased at the time of death.
|
|
Deceased Estate
|
The property belonging to a person who has passed away.
|
|
Evidence of death
|
Documented proof that a person has passed away. This could be a Death Certificate, Grant of Probate, Letters of Administration, or a Funeral Account/invoice.
|
|
Executor
|
A person or persons named in a Will to take charge of the deceased’s assets and property, see that the funeral and administration expenses (as well as debts and taxes) are paid, and to distribute the assets to the beneficiaries outlined in the Will.Â
|
|
Full Death Certificate
|
Official document containing the information registered when someone passes away, including the date, place and cause of death. This should be obtained by the Registry of Births, Deaths and Marriages and is not the same as a medical certificate citing the cause of death.
|
|
Funeral Account
|
A detailed tax invoice or account of all expenses made for funeral arrangements.
|
|
Grant of Probate
|
A court order or certificate issued from the probate office that confirms the validity of a Will. A Grant of Probate is needed when the deceased's assets are more than $50k – in which case the executor won't be able to administer the estate without it.
|
|
Intestate
|
When a person dies without making a Will, or the Will they have made is not valid, they are said to have died 'intestate'.
|
|
Letters of Administration (LOA)
|
A document issued by the court that authorises a person to act as an Administrator for a deceased person’s estate, in the absence of a valid Will.
|
|
Power of Attorney
|
A legal document by which a person appoints another person to act on their behalf in relation to their financial affairs.
|
|
Reseal of Probate
|
Enables the Probate granted in one state or territory to be effective in another.
|
|
Statutory Declaration
|
AÂ legal, written statement that a person signs and declares to be true and correct before an authorised witness.
|
|
Testator
|
The person making the Will (also known as the Willmaker).
|
|
TrusteeÂ
|
AÂ person who manages property held in trust for the benefit of another person.
|
|
Will
|
AÂ written document that sets out what you want to happen to your Estate after you die.
|
TermÂ
ExplanationÂ
AdministratorÂ
A person or persons appointed by the court to administer a deceased person’s estate where there is no Will.
AML/CTF Act
The Anti-Money Laundering/Counter-Terrorism Financing Act requires Banks to identify people who they have financial dealings with.
Beneficiary
A person who is left something in a Will.
Certified document
Copies of documents which have been confirmed as 'true copies of the originals' by a person authorised to do so.
Claimant
A person making a claim on an estate.
Date of death balances
Balance of assets and debts held by the deceased at the time of death.
Deceased Estate
The property belonging to a person who has passed away.
Evidence of death
Documented proof that a person has passed away. This could be a Death Certificate, Grant of Probate, Letters of Administration, or a Funeral Account/invoice.
Executor
A person or persons named in a Will to take charge of the deceased’s assets and property, see that the funeral and administration expenses (as well as debts and taxes) are paid, and to distribute the assets to the beneficiaries outlined in the Will.Â
Full Death Certificate
Official document containing the information registered when someone passes away, including the date, place and cause of death. This should be obtained by the Registry of Births, Deaths and Marriages and is not the same as a medical certificate citing the cause of death.
Funeral Account
A detailed tax invoice or account of all expenses made for funeral arrangements.
Grant of Probate
A court order or certificate issued from the probate office that confirms the validity of a Will. A Grant of Probate is needed when the deceased's assets are more than $50k – in which case the executor won't be able to administer the estate without it.
Intestate
When a person dies without making a Will, or the Will they have made is not valid, they are said to have died 'intestate'.
Letters of Administration (LOA)
A document issued by the court that authorises a person to act as an Administrator for a deceased person’s estate, in the absence of a valid Will.
Power of Attorney
A legal document by which a person appoints another person to act on their behalf in relation to their financial affairs.
Reseal of Probate
Enables the Probate granted in one state or territory to be effective in another.
Statutory Declaration
AÂ legal, written statement that a person signs and declares to be true and correct before an authorised witness.
Testator
The person making the Will (also known as the Willmaker).
TrusteeÂ
AÂ person who manages property held in trust for the benefit of another person.
Will
AÂ written document that sets out what you want to happen to your Estate after you die.
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