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All About Wills And Trusts!
We all are aware of the terms “wills” and “trusts”, but the difference between both of them is not known by all. Wills and trusts , are the terms which are useful estate planning devices, which serves different purposes. These both can even work together in order to create a complete estate plan.
Here is a list for you, which you can use when you need to make a will.
- Administrator: A person who is appointed to manage the estate of someone else, he/she must have been dead without leaving the will.
- Asset: A thing or essential which is owned by someone.
- Beneficiary: Someone who is going to get benefits from a will or a trust and a life expectancy policy.
- Bequeath: To give something you own to someone else.
- Bequest: Something that is mentioned in a will.
- Bona Vacantia: estate or any goods that doesn’t belong to anyone.
- Capacity: It means someone’s ability to enter an agreement which is legal.
- Codicil: Modification or any addition to a current will.
- Contingent legacy: A type of gift mentioned in a will which is only made after certain conditions are met.
- Discretionary Trust: A trust in which the trustees have to decide who will be benefited from the trust and how much they will get from it.
- Donation Mortis Causa: Gift which is made by a dying person with the intention that the person who will receive the gift will keep that after the death of the donor.
- Lasting power of attorney: A legal document which provides an authority to the person who I appointed to act for the person who has signed the power of attorney, in case if they can’t deal with their own issues and affairs.
- Estate: All the property and assets of a person that he owns at the time of his death.
- Executor: A person who is mentioned in a will and is responsible for making it sure that the will has been made as per the deceased’s wish. This role can be given to a family member, a friend or a solicitor.
- Grant of probate: A certificate of court which proves that the executors of the will are entitled to handle the estates.
- Guardian: A person who is assigned to look after the interests of someone who is not capable of looking after their own issues, like a child.
All the above terms, will definitely clear some of your confusions. You can even contact a wills and trusts services.