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Glossary of Terms

Glossary Of Terms

Testator: The person who writes the Will

Executor: The person appointed by the testator to administer his/her estate. Unless there is a valid objection, the court will appoint the same person as the one named in the Will.

Trustee: A trustee manages property of another for the benefit of a third party, called the beneficiary. A trustee may be either an individual or a corporation.

Guardian: Under law, a person responsible for taking care of and managing the property and rights of someone who cannot do so himself/herself

Probate: A court process through which a Will is proved valid.

Succession Certificate: A certificate granted by the Courts in India to the legal heirs of a person dying without a Will

Letter of administration: In case there is no Will or the executor named is unable or unwilling to act, then the court appoints an executor through a letter of administration.

Gift deed: A legal document that describes the transfer of gift from donor to donee without exchange of money.

Family charter/agreement/constitution: A document detailing the core values, vision and mission of the family business. Along with its governance structure and details on roles, composition and powers.

Legal heir: A person legally entitled as per the succession laws to inherit the property of a person who dies intestate.