Bequeath refers to the act of leaving personal property to beneficiaries through a will. Unlike 'devise,' which typically refers to the transfer of real property, 'bequeath' is used exclusively for personal property.
An executor is an individual named in a will to administer the estate of the deceased according to the terms stipulated in the will. The executor ensures that the estate is distributed to the beneficiaries as per the decedent's wishes.
A testamentary trust is a trust established in accordance with the instructions left in a person's will and becomes active only after the death of the testator.
A trustor is an individual or entity that creates a trust by transferring assets to a trustee for the benefit of beneficiaries. In real estate, a trustor may also refer to someone who gives a deed of trust as collateral for a loan.
A will, also known as a testament, is a legal document that sets forth how an individual's property and affairs will be handled after their death.
