On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Tuesday October 12th, 2021.
Understanding the concepts of estate planning can be difficult and exhausting. First, you face difficulty while setting the tempo. Even if you get the hang of it, the extensive range of terminologies used in estate planning can make it harder for you to grasp the concept. Before getting into any field where you lack relevant knowledge, it is always recommended to get in touch with an expert who can guide you through the particular terminologies and the estate planning procedure.
Here are some of the most repeatedly used terminologies, which will certainly help you go through a simple estate planning document.
This term indicates the deceased person whose will is to be considered in front of the authorities.
The word ‘beneficiary’ indicates the person who is the authorized person to deal with relevant matters. In the cases of estate planning, the beneficiary is the person who receives control over the deceased’s possessions such as property, money, or other assets. This person can be a spouse, children, or other relatives (if mentioned in the will).
The executor is the person trusted to execute all the instructions written down by the decedent in their will. In most cases, this executor is a trained attorney. However, it can also be a relative or a friend.
The person assigned to pen down the will for the person in question is called a testator. While testator refers to a male writer, testatrix is a female writer.
The court appoints a conservator for someone who is disabled, either mentally or physically, to take care of their assets and set up a will for them to be executed after they pass away.
Power of Attorney
If the relevant person in question cannot attend court hearings and deal with other formalities in an estate planning decision, a power of attorney is given charge to deal with all such aspects on behalf of the decedent.