Here are some terms that you will read and talk about when discussing your last will and testament:
Testator: The testator is the person who is making the will and signing his or her name. If the person making the will is female, the word testatrix is sometimes used.
Beneficiary: A beneficiary is someone who receives an inheritance through a will. Anyone you leave property to in your will is one of your beneficiaries.
Intestate: A person who dies without a will is intestate. State intestacy laws then decide who your heirs are.
Probate: The legal process through which a court examines, approves, and enacts the terms of a will is known as probate. The process generally takes several months and includes court fees.
Codicil: If you wish to make a change or addition to your will, you can add a codicil to it. This amendment keeps the original will in place but adds or changes some terms.
Testamentary trust: You may set up a trust by creating it through your will. This is known as a testamentary trust.
When appointing a person or company to help with your will, make sure you include your trusted financial adviser in the conversation so that your estate plan can be aligned to your last will and testament.