Trust will: A will that, in its terms, creates one or more trusts after your death. Interest of a beneficiary: A beneficiary`s “interest” in a trust or estate refers to the beneficiary`s legal right to receive income or capital. Succession: The process, usually conducted by an estate court or an official under the authority of the court, established in the fifty states to oversee the transfer of legal title to the property of a deceased person to his heirs or beneficiaries, or to supervise the administration of the property and affairs of a person who is unable to manage his own affairs. Testamentary trust – A trust established in a person`s will that will come into effect after the will has been reviewed and the assets distributed to the will in accordance with the terms of the will. When creating a living will or trust, you may come across a variety of legal terms. Understanding common terms in wills and trusts can help you work more easily through the process and help you feel knowledgeable about planning for the future. Trust instrument – A document, including amendments, signed by a settlor that contains conditions under which the assets of the trust are to be managed and distributed. Also known as a trust agreement or trust agreement. Interest of a beneficiary – The right to receive income or capital under the terms of a trust or will. Succession: The legal process by which a court investigates, approves and issues the terms of a will is called an estate. The process usually takes several months and involves legal costs. Your will sets out your wishes regarding your assets: how they are to be transmitted, divided or maintained.

Here are some terms you need to know when making your will. “Personal representative” is another term for “executor” – the two terms are used interchangeably. While the term “executor” is most commonly used in general conversations or older wills, the correct term under Alberta law is “personal representative.” Division (action for) = Any beneficiary or heir may bring an action for partition or division of inherited property. If it cannot be divided equally or divided according to the terms of the will, it must be sold and the money from the sale divided. Descendants – children, grandchildren and people further away from a person who are related by blood or due to legal adoption. Spouses, stepchildren, parents, grandparents, siblings of a person are not included. The terms “descendants” and “production” have the same meaning. Education Trust: Refers to a trust created to provide education for the recipient. The terms of an educational trust may vary and may be designed to meet the needs of both the settlor and beneficiary. Advance Medical Directive: A legal document in which a person appoints an agent or surrogate to make medical decisions if the person is unable to do so, and that gives the surrogate or officer the right to authorize the suspension of medical care. Living trusts can help you avoid the estate, but can be difficult to finance, so a transfer will is a good security measure to protect the intended beneficiaries. Learn more about payment wills, how they help you, and more.

Will Challenge: A probate dispute that challenges or challenges the terms or validity of a will. Disinheritance: To legally prevent someone from inheriting from you upon your death. Resilience: The legal capacity to perform a specific action (e.g., drafting a will or trust, signing a power of attorney, or entering into a binding contract). Capital – Property (such as money, shares and real estate) that has been contributed or otherwise acquired to generate income and be used for the benefit of the beneficiaries of the trust in accordance with the terms of the trust. Also known as a fiduciary corpus. Trust assets (trust assets): Assets transferred to the trustee by re-registering their legal title in the name of the trustee. Trust assets can include real estate, bank accounts, stocks, bonds, brokerage accounts, corporate interests, tangible personal property and many other types of financial and legal interests. Codicil – A formally signed document that changes the terms of a will so that a complete rewrite of the will is not required. Oral will: An oral will that has not been recorded in writing. Only a few states accept oral wills.

Some of the words used to describe wills, trusts and estates; The description of planning and managing your affairs has a history of 1,000 years.