All About Wills And Trusts!
How To Understand the terms
A - Z Glossary
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.