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Common Will Terms
What Are Some Common Terms With Wills?
The most common terms that people often have difficulty understanding are:
- Fiduciary - an individual or trust company working for the benefit or another
- Grantor - an individual who conveys property by means of a trust; in wills, the person whose wishes are expressed
- Testator - a person who has made a valid will
- Beneficiary - the person who is to receive property as a result of the will or trust
- Trustee - an individual or trust company that holds legal title to property for the benefit of another and acts according to the trust
- Executor - an individual or trust company that settles the estate of the testator
- Principal - the property or capital of an estate or trust
- Income - returns from the property such as interest, dividends, rents, etc.
- Probate - the formal legal process recognizing a will and appointing an executor to carry out the terms of the will
- Bequests - specific gifts of cash
What Parts Of The Will Are Most Important?
When reading a will, it is very important that you understand:
- who the beneficiaries are
- what they are to receive and when
- how many years the trust will be ongoing
- who are your co-fiduciaries, if any
Do I Need a Lawyer To Understand Common Terms In Wills?
Regardless of whether you think you understand the terms of a will or not, it is a good idea to consult an attorney. A good estate planning attorney will be able to help sort out your rights and any property you may be entitled to.
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