It’s normal to feel overwhelmed when dealing with legalese. After all, most of us don’t use these terms in our day to day lives. Lawyers tend to write documents in legalese because it makes it easier for other lawyers to understand what they’re saying.
Have a look at these common terms used in last wills as well as trusts so that you don’t feel quite as lost the next time you have one of these legal documents in front of you.
- Testator – The person who makes the will as well as signs her or his name is called the testator. The word testatrix is sometimes used if the person making the will if female.
- Beneficiary – Legal documents usually have people who inherit money or other property. The person who inherits these things is known as the beneficiary.
- Bequeath – This is another word for 'give'.
- Heir – Each state has different laws that state how your property and other assets will be divided in the event of your death. Heirs are the people who will inherit your property and assets from you. Usually a person’s heirs are their spouse and children. If the person didn’t have a spouse or children other relatives are then considered.
- Intestate – People who do not leave a will behind specifying what is to be done with their property and other assets are intestates. The state intestacy laws will then be followed to decide who those people's heirs are.
- Executor – An executor is a person who executes your will—a person who is in charge of distributing your estate according to your will after you pass. Executrix is sometimes used for a female executor.
There are many other terms used in wills as well as trusts. However, these terms are the most commonly used ones.
Thanks for reading,
Karen
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