Tenancy in common

A form of joint ownership where two or more owners have shares in the property or asset owned. The shares do not have to be equal – for example they could be 50:50 or 40:30:30. But because they are shares in the asset, one owners share can be passed to the beneficiaries of their estate when they die.

Testamentary

Relating to Wills.

Testamentary capacity

The mental ability in law to make a valid Will.

Testamentary capacity report

A report provided by a medical practitioner which states whether the testator has testamentary capacity. Reports are often sought where the testator suffers from a serious medical or mental condition.

Testamentary expenses

Expenses incurred in the performance of an Executor’s duties.

Testamentary trust

A Will trust.

Testator

A person who makes a Will. In more formal language, a woman who makes a Will is referred to as the testatrix.

Trust

An arrangement under which the legal ownership of property or assets is held by one person (the Trustee) for the benefit of another or others (the beneficiaries). The person setting up the trust is the settlor. Wills very frequently create trusts for the distribution of the estate, but they are also very common to protect assets when someone wants to pass on the benefit of property without totally relinquishing control over it. A trust created by a person to be managed during their lifetime is a trust inter vivos.

Trust corporation

A corporation set up (often by a law firm) to carry out its trust or similar responsibilities, such as acting as an attorney or Executor.

Trust deed

The deed that sets out the terms of a trust which is created otherwise than by a Will.

Trust document

The document (or ‘instrument’) which creates trust. It may be a trust deed or a Will.

Trust fund

The assets, property and any accumulated income in any trust. In a Will it is way that the residuary estate is referred to if the Will creates a trust of the whole estate.

Trustee

The person (or it can be a corporate body) who holds legal ownership of property held on trust, and is responsible for the administration and distribution of the trust property to the beneficiaries.