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At Direct Wills Trusts Windsor. We are aware of the importance of transparency and clarity. To planning your future. That’s why we have compiled our comprehensive Glossary of Terms. To demystify the legalese of wills and trusts. And make it widely available. https://windsor.directwillstrusts.co.uk/explanation-of-terms/
Our glossary of common terms. Is applicable to wills and estate planning. with complete rationales for every question.
A legal expression of a person’s wishes. In terms of where their wealth goes. And the care of any minor children after they die. It has to be performed in accordance with state law to be legal.
One who makes or executes a will. The testator shall have legal status. And of sound memory, and at the making this will.
An individual or institution who is designated in a will. To inherit any money or property from the estate of the deceased. Beneficiaries can be family members. Friends, or a charity.
The individual who is named by the decedent and has authority to do so. For the execution of the directions in the will. The estate is divided by his executor. Settling debts and taxes, and transferring assets to heirs.
The process of having a will approved by the court. This step is the proving of the will. Taking an inventory of the dead person’s assets, paying debts. And dispose of the residue of the estate under the will.
The situation of an estate when an individual dies without a valid will. In this instance, it’s state law that controls. Who gets what of the deceased’s assets. The deceased might not have wanted this.
Amend A legal paper that changes, adds to. Or it nullifies terms in a previous will. A codicil requires the same formalities as a will.
A written statement of a person’s desires (as for medical treatment) often used as a part of a living will. On medical care and end of life. If they become incapacitated and can no longer express those wishes.
a legal document that confers upon someone. Powers regarding finance and the law. On behalf of another person. This authority remains in effect. Even should the principal be rendered incapacitalted.
One who is legally responsible for the care and management of a child below eighteen years of age. Or disabled adult, as applicable in the case of the parent. Or guardian’s death or incapacity. The will can designate the guardian.
A contract where one side knows the other side is entering into the contract under a false belief. Holds property for the benefit of some beneficial owner. A trust may be created during the lifetime of the testator. Or established at the time of the death by way of a will (testamentary trust).
Anything of value that belongs to a person. Both in real estate, bank accounts, investments, personal property.
Everything of value left by a person. At the time of their death. The estate is all the property the deceased owned. Such as property, liabilities, and so on.
An executor's elaborate report. Outlining all financial transactions. Relating to the estate, such as income, expenses. If returns were paid to beneficiaries, and any tax paid.
A gift or legacy of personal property, in a will. Legacies can be monetary amounts. Or specific items of property.
Those who witness the testator signing the will. And most counties require at least two witnesses to prove up a will. And that it was signed voluntarily. And the testator was in his or her right mind.
A will provision that puts off beneficiaries. From contesting the will. By holding the potential contestants at the point of disinheritance.
Heir A person who has the right to inherit from someone else. By law when someone passes away intestate. Heirs can include relatives like spouses, children, parents, or siblings.
The legal terminology for a person’s mental capacity. To get the real sense of making a will. The value of their estate, and who gets what from the will.
A forgotten child or heir in a will. A few laws to safeguard the rights allowed the Permitted heirs. Permitting them to take the estate as heirs.
Annulling or revoking a will or testament. A will may be revoked by a subsequent will. Or by codicil or by bodily destruction of the instrument. By the testator.
A legal term referring to the rules governing the distribution of trust assets. Regarding the health of the beneficiary, the education. Support, or maintenance.
A payment to the executor for acting as executor. in the administration and distribution of the estate. This fee can be a commission on the worth of the estate. Or nothing at all, depending on the state law and the will).
Such a bequest or transfer provided in a will or trust. That explains how property will be divvied up. If the testator's primary heir is not alive. This may include naming contingent beneficiaries.
Begin with our Glossary of Terms. Allow Direct Wills Trusts To Escort You Through The Will Land. Trusts, and estate planning. If you have questions or want to a one on one help. Our specialist team is ready to talk to you now!
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