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All About Wills And Trusts! Kempston
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.