Over the next couple of weeks, we’ll be taking a dive into the world of law jargon. Each week we’ll cover a new section of our services and cut through the confusion.
Today we’ll be looking over words around wills:
1) Will: We may all know what a will is but what about a dictionary definition: a legal document containing instructions as to what should be done with one’s money and property after one’s death.
2) Trust: A trust is an agreement created between a 3 groups or people about a product or asset. The ‘settlor’ is the owner and creator of the trust. He gives the asset to the ‘trustee’ who maintains it for the benefit of the ‘beneficiary’. For example: A man gives a bank his money, so that when his child becomes 21 he will receive the money. In this case the man is the settlor, the bank is the trustee and the child is the beneficiary.
3) Probate: The process of verifying a will when someone passes away, so that their possessions can then be split in accordance to their wishes.
4) Executor: The person responsible for collecting the items pf the deceased and distributing them in accordance to their wishes.
5) Title deed: The document that is evidence to rights and ownership of property. Title deeds are most common for land ownership.
6) Lasting Power of Attorney: A process by which you can legally give someone you trust the authorisation to make decisions on your behalf, if you lack mental capacity or will do in the future.
7) Intestate: When someone passes away without leaving a will in place. This means their possessions will be divided amongst all their relatives, regardless of your relationship of them. This is one of very important reasons to create a will.
8) Administrator: The person who settles the affairs of someone who has died without a will.
9) Witness: You need two people to sign in your will. Your witness cannot be your spouse or any beneficiary. You have to personally oversee the signing of your own will.
10) Beneficiary: Any person who receives something in from you in your will.
If you need any advice around wills or, or simply want to know more, don’t hesitate to contact our team on: 0116 2999 199 or email us on: email@example.com