Testator

Legatee
A legatee is an individual or entity that receives property or assets through the terms stipulated in a last will and testament.
Testator (Testatrix)
A testator (or testatrix) is an individual who creates a will to dictate the distribution of their property and assets after their passing. Without a will, the property passes to the heirs according to state law or reverts to the state.
Undue Influence
Undue Influence is the wrongful influence exerted by one person over another, to such an extent that it prevents the influenced individual from acting according to their free will, often leading to the nullification of legal documents like wills or the invalidation of gifts.
Will
A document that dictates how a person's property is to be distributed after their death. It must meet certain legal requirements to be valid.

Accounting Terms Lexicon

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