Administrator

The person or organisation responsible for administering the estate. If there’s a will, the named executors take on this role. If not, the court appoints administrator/s.

Affidavit

A sworn statement filed in court. You can swear on a holy book or make an affirmation instead. Executors or administrators must complete one when applying for probate or letters of administration. It must be witnessed by a Justice of the Peace, lawyer, or court official.

Assets

Assets are items of economic value that you own.

Beneficiary

Any person, organisation, trust or charity who will benefit or receive something under the will.

Bequest or gift

A bequest is a gift that you have made to a person or organisation in your will. This is usually a specific item or items such as jewellery, a vehicle or an amount of money for education. (A bequest of a home or land is sometimes called a 'devise'.)

Debts

Debts are amounts of money that you owe to others.

Disbursements

Fees from various organisations that we pay on behalf of the estate (such as bank fees, valuations, lawnmowing etc.).

Distribution

The process of  transferring assets from an estate to a beneficiary. A payment made, or an asset transferred.

Enduring Power of Attorney - EPA (or EPOA)

An Enduring Power of Attorney is a legal document in which you appoint a person or organisation to make decisions on your behalf if your circumstances change in the future and you are no longer in a position to look after yourself or your property. Learn more about EPAs and how you can get one. Most people need both types of EPA: see property attorney and personal care and welfare attorney below.

Estate

Everything you solely own at the time of your death which can be passed on through your will. Jointly owned assets usually pass automatically to the other joint owner on your death and don't form part of your estate.

Executor 

The person or organisation responsible for carrying out your last wishes in your will and making sure beneficiaries receive what they’re entitled to. Learn about choosing an appropriate executor in your will.

Grant of administration (of probate)

The court's approval giving the Executor the right to manage the estate. If there is a will it’s called probate. Where there is no will, it’s called letters of administration.

Guardian (or testamentary guardian)

Someone who will look after a child's welfare when a parent dies before the child is 18. The guardian helps to make important decisions about the child's development and welfare. A guardian doesn't automatically become the day-to-day caregiver of the child. More about guardians.

Intestate

You are said to be intestate if you die without a will.

Letters of administration

An order of the High Court appointing an administrator to administer the estate when there is no will (intestate), or when the named executors cannot act.

Letters of wishes

A written summary outlines your goals and guidance for your executors and trustees. It can also be known as a 'Memorandum of Wishes', ‘Statement of wishes’ or a 'Note for Guidance for Trustees'. It’s not legally binding but helps clarify your intentions.

Personal care and welfare attorney

The person you have appointed in your personal care and welfare EPA to make decisions about health or personal matters affecting you if you can't look after yourself. See also EPA above.

Plan of administration

The plan we agree with the beneficiaries setting out how the estate will be managed and settled - it details what will be done, when, and who will do it.

Resealing

If the estate includes assets in another Commonwealth country, the New Zealand probate or letters of administration can easily be resealed by the court in that country, and this gives authority to deal with those assets. A whole new grant of probate is required in other countries such as the USA.

Probate

A document issued by the court which certifies a Will's validity and confirms the appointment of an Executor to administer the estate.

Power of attorney

A document which names a person or organisation that may sign documents or make decisions on your behalf. A simple power of attorney is cancelled if you are no longer mentally competent but an Enduring Power of Attorney (EPA) remains in force if you become mentally incapacitated.

Property attorney

The person you have appointed in your property EPA to manage your assets if you can't look after them yourself. See also EPA above.

Special Trust Advisor

Usually appointed to provide advice to the executors and trustees. An advisory trustee is not a legal trustee, but the trustees may rely on this advice.

Statement of account

The account of how the estate was settled. It shows all the assets, what was done with one and what each beneficiary received.

Testimentary

Anything relating to or covered by a Will. Your testamentary intentions are what you intend to achieve by signing your Will.

Transmission

This is the process by which an executor takes ownership of a property.

Will

A legal document that specifies how you want your personal assets to be distributed and administered after your death.

Conveyancing

The legal process of buying and selling a house

Cross lease

All parties own an undivided share in the land and lease homes to one other, without needing to pay rent

Deposit

A percentage or fixed dollar value of the purchase price paid by the buyer on signing an agreement

Equity

The value of the property, less debt secured by it

Fixed interest rate

The interest rate is fixed for a set period of time e.g. 5 years

Freehold

You own the land and home with the least restrictions of all kinds of ownership

Interest

The amount your mortgagee (e.g. Public Trust) charges for the loan over its life

Land Information Memorandum (LIM)

A document issued by the Council with information relating to or affecting a property

Leasehold

You own the home, but you lease the land and pay rent for it

Principal

The amount you borrow (does not include interest)

Purchaser

Whoever buys a property

Sale and purchase agreement

A written contract between the seller and buyer

Term

The period of time a loan is in place

Title

The legal right of ownership of the property (whether freehold, leasehold or other interest)

Unit title

A title that provides freehold or leasehold ownership of a unit in a multi-unit building subject to body corporate rules

Variable interest rate

A rate that can move up and down. Also known as floating interest rate

Vendor

Whoever is selling the property