If you are ever in a meeting with your estate planning attorney, or reviewing some documents or reading material your attorney asked you to look at, you may sometimes come across specific words that you’ve never heard before. It’s sometimes easy for estate planning professionals to forget that many of the words they use are not commonly encountered by most people. Here are a few examples of some estate planning and probate terms that you may come across.
A testator is simply a person who makes a will, and both men and women can be referred to as testators. However, the term “testatrix” is sometimes used to refer to a woman who has made a will, while testator refers to males. Both terms refer to a person who has created a last will and testament.
If a person dies without making a will, that person is said to have died intestate. However, even a person who makes a will can also die intestate if a court later determined that the will fails in some key part required by state law. These wills are known as an invalid will. The closely related term, “intestacy,” refers to the condition of an estate (the property the person owned) left behind by a person who died intestate.
A beneficiary is the person who inherits property from an estate. If the deceased has left behind a will the beneficiary will inherit as the will direct. If the will is declared invalid or there is no will, the beneficiaries are determined by state intestacy laws. These laws determine who inherits property when there is no will, and are sometimes known as laws of intestate succession.
- Living Trusts and Incapacity Planning - March 31, 2020
- Estate Planning and Charitable Giving — Key Points - March 29, 2020
- Over-Funding Your Retirement Plan: A Potential Estate Planning Problem - March 27, 2020