Testacy Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Testacy, written in plain English, along with examples of how it is used.
What is Testacy?
A siuation where one dies with a valid will ready for it to be referred to for distribution of the assets left by the dead person.
History and Meaning of Testacy
Testacy refers to the condition in which an individual passes away with a will that explains how their estate would be distributed among the heirs. This estate includes any assets, property, and other valuable belongings of the deceased. This legal term is important in estate planning because it determines whether a decedent's estate passes via the procedures that their will spells out or under state intestacy law in a scenario where the individual fails to leave behind a valid will.
Examples of Testacy
Mary died with a valid will. Hence, her beneficiaries did not have to go through legal battles because everything was clearly defined in the will.
John is preparing his will to ensure that his assets are distributed in accordance with his wishes upon his death. He wants to avoid the intestacy laws that would apply if he died without a will.
Samantha died without a valid will, so her personal representatives had to go through the probate process, dealing with intestacy laws, to distribute the assets as per state law provisions.
Legal Terms Similar to Testacy
Intestacy: The opposite of testacy. This term applies to an individual who passes away without a valid will.
Probate: The legal process of dealing with the assets and making sure that the assets of the decedent are distributed according to their last will or according to state law.
Executor: The individual identified in the will responsible for overseeing the final wishes and distribution of the deceased's assets. The person selected as the executor must carry out the decedent's will and ensure the last wishes are executed as per the guidelines in the will.