Writing a Last Will and Testament can be a complex process, and understanding common legal terms can make it easier for you to navigate the process. In this article, we'll explore some of the key terms that you should be familiar with when creating your Will.
- Testator: This term refers to the person who makes the Will and whose wishes and instructions are contained in the Will document.
- Executor: The executor is the person mentioned in the Will who will carry out the instructions and wishes of the deceased person (the Testator). They are responsible for managing the assets, paying debts and taxes, and distributing the assets to the beneficiaries according to the Will.
- Beneficiary: A beneficiary is a person named in the Will who is entitled to receive assets from the Estate.
- Residue: The residue is the remaining portion of the estate after all taxes, debts, executor compensation, specific bequests, legal fees, accounting fees, and other obligations have been fulfilled.
- Guardian: A guardian in a Will is a person appointed to take care of and raise the minor children of the Testator in the event of the Testator's death or the death or inability of both parents to care for the children.
- Survivor: This term refers to one or more beneficiaries who are still alive out of a group of beneficiaries. For example, if the Will says, “The residue of my estate shall be distributed between Rohan, Mohan, and Sohan in equal shares, or the survivor(s) of them…”, it means that if Rohan and Mohan die, Sohan is the survivor and will be entitled to the entire residue of the Estate.
- Trustee: A trustee is a person who holds and manages property on behalf of and for the benefit of the ultimate or beneficial owner. In Wills & Estates law, the executor is known as a trustee of all Estate property from the time of death until it has been distributed.
- Estate: This term refers to all assets of a deceased individual (Testator), including land and buildings, personal belongings, bank accounts, vehicles, investments, and anything else that the deceased person owned during their lifetime.
- Descendants: Descendants refer to a person's direct lineal heirs, including their children, grandchildren, great-grandchildren, etc. If a person dies without a Will or if the Will does not specify how to distribute the assets, these are the people who would inherit the assets and property.
- Predeceased: In Wills, the term "predeceased" means "died before."
- Intestate: To die without a Will.
- Probate: The process of determining whether a Will is valid by a court.
By familiarising yourself with these terms, you'll be better equipped to make informed decisions when writing your Last Will and Testament.
If you haven't started your estate plan and are ready to make a Last Will and Testament,?AasaanWill
?can help you get it done fast, affordably and from the comfort of your home. Get started by answering a?few questions
. AasaanWill Zaroori Hai !
