Does the word 'testament' in the titles OT and NT imply the death of the testator in both covenants? A will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his estate and provides for the transfer of his property at death. This property an inheritance.

What I am wondering is the origin of the word Old Testament, or New Testament.  Does 'testament' imply the death of Life in order that we receive an inheritance?  Is the Old Testament, a 'Testament' or just a Covenant?  Was the Old Covenant truly a Testament, or is only the New Covenant a Testament?  If the Old Covenant was also a Testament which would not be ratified until the testator died, in what sense is the Old Covenant a testament before the actual death of Christ? 

Does the word testament in the titles 'Old Testament' and 'New Testament' imply the death of the testator in both covenants and thus provide a biblical basis for calling the two divisions of the Bible testaments, rather then just covenants?
It has more to do with the translators and languages than the bible itself. The word Testament is derived from Latin testamentum-a will. I understand you confuse it with the modern meaning of the word, but Blue Letter Bible tries to explain it as follows:


  The word "testament" is an old English word that means, "covenant." The Latin term testamentum was used to translate the Greek and Hebrews words for covenant. The English word was derived from the Latin. Hence the Old and New Covenants became the Old and New Testaments.src


Old and New Testaments just means old and new covenant. That is the covenants before and after Jesus Christ. That is here both Testament and covenant have the same meaning. The sourced cited above goes on to even say:


  It is unfortunate that the English word "testament" is used to describe the Old and New Covenants that God has made with His people.


I also don't understand how the 'Old Testament' implies the death of testator? God did not die in the Old Testament.

Note: The word covenant came into usage only in Middle English (12th - 15th century) borrowed from Old French, from present participle of convenir, meaning to agree; src So, we can't blame the translators for not using the proper word.