Common Will Terms
LegalMatch Law Library Managing Editor, Ken LaMance, Attorney at Law 
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.
Consult a Lawyer - Present Your Case Now!
Last Modified: 06-10-2009 01:53 PM PDT
