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At Direct Wills Trusts Essex. We understand the importance of clarity and transparency. To planning your future. That’s why we’ve created our complete Glossary of Terms. To simplify the language of wills and trusts. And make it accessible to everyone.
Our glossary of common terms. Related to wills and estate planning. Along with detailed explanations for each.
A legal document that expresses a person’s wishes. Regarding the distribution of their assets. And the care of any minor children after their death. It must be executed according to state laws to be valid.
The person who creates and executes a will. The testator must be of legal age. And sound mind at the time of writing the will.
The person appointed by the testator. To carry out the instructions in the will. The executor is responsible for managing the estate. Paying debts and taxes, and distributing assets to beneficiaries.
The legal process through which a will is validated by a court. This process involves proving the authenticity of the will. Inventorying the deceased’s assets, settling debts. And distributing the remaining property according to the will.
The condition of an estate when someone dies without a valid will. In this case, state laws determine. How the deceased’s assets will be distributed. This may not align with the deceased’s wishes.
A legal document that modifies, adds to. Or revokes provisions in an existing will. A codicil must be executed with the same formalities as a will.
A type of advance directive that outlines an individual’s wishes. Regarding medical treatment and end-of-life care. In the event that they become unable to communicate those wishes.
A legal document that grants someone. The authority to make financial and legal decisions. On behalf of another person. This authority remains in effect. Even if the principal becomes incapacitated.
A person appointed to care for a minor child. Or dependent adult in the event of the parent. Or guardian’s death or incapacity. The will may specify the choice of guardian.
A legal arrangement where one party. Holds property for the benefit of another. A trust can be established during the testator’s lifetime. Or created upon death through a will (testamentary trust).
Any item of value owned by a person. Including real estate, bank accounts, investments, and personal belongings.
All the assets and liabilities left by a person. At the time of their death. The estate encompasses everything the deceased owned. Including property, debts, and any other financial interests.
A detailed report prepared by the executor. Outlining all financial transactions. Related to the estate, including income, expenses. Distributions to beneficiaries, and any taxes paid.
A specific gift or bequest left in a will. Legacies can be monetary amounts. Or specific items of property.
People who observe the testator signing the will. Most counties require at least two witnesses to validate a will. Ensuring it was signed with free will. And the testator was of sound mind.
A provision in a will that discourages beneficiaries. From contesting the will. By threatening to disinherit anyone who challenges its validity.
A person who is entitled to inherit assets. Under the law when someone dies intestate. Heirs can be family members such as spouses, children, parents, or siblings.
The legal term describing a person’s mental ability. To understand the nature of creating a will. The extent of their property, and the identities of those who will benefit from the will.
A child or heir who is not in a will by accident. Some laws to protect the rights of permitted heirs. Allowing them to inherit a share of the estate.
The act of invalidating or canceling a will. A will can be revoked by a subsequent will. Or codicil or by physical destruction of the document. By the testator.
A legal term that refers to criteria for distributing trust assets. Related to the beneficiary’s health, education. Support, or maintenance.
A fee paid to the executor for their services. In managing and distributing the estate. This fee may be a percentage of the estate’s value. Or a flat rate, depending on state law and the will’s provisions.
A provision in a will or trust. That specifies how assets will be distributed. If the primary beneficiary predeceases the testator. This can involve designating alternate beneficiaries.
Start exploring our Glossary of Terms. Let Direct Wills Trusts guide you through the legal landscape of wills. Trusts, and estate planning. If you have any questions or need personalized assistance. Our team of experts are ready to speak to you now!
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