Of or relating to a will or testament. Often used to denote that something was provided for, appointed by or created by a will.
See testamentary capacity, testamentary power of appointment, testamentary trust.
trusts, inheritances & estates
testamentary disposition
Testamentary disposition is a disposition or transfer of property by the testator by gift, deed, or will, but the disposition does not become effective until after the testator's death, and the testator retains essentially full control of the...
testamentary power of appointment
A power of appointment that the donee can only exercise by will. This can be contrasted with a presently exercisable power of appointment.
testamentary trust
A testamentary trust is a trust that is created in a will. It begins upon the death of the testator.
testate
When a person dies and has a will at their death.
testate succession
Testate succession refers to how property will be distributed in a will. This is in contrast to intestate succession where laws determine how the property will be allocated to relatives. Individuals have almost free control over how to...
testator
Testator refers to a person who has died and has left a will.
testatrix
Testatrix is an antiquated term used for a female testator. The term testator is now used regardless of gender identity.
[Last updated in March of 2022 by the Wex Definitions Team]
third-party trust
A third-party trust is a special needs trust funded exclusively with property that did not belong to the beneficiary before going into the trust.
See: special needs trust
[Last updated in October of 2021 by...
tontine
Tontine is an investment plan in which participants buy shares in a common fund and receive an annuity that increases every time a participant dies.
In simpler terms, tontine is an investment scheme in which the so-called...