When someone chooses to use solicitors in Porthmadog to make a Will, it is important that they understand the terminology that will be used.
For example, one of the most commonly used words is assets. This term encompasses all of the property, money and goods owned by the person making their Will. Each item may be left to an individual named in the document and a bequest is an item or gift left in the Will. Often the word ‘estate’ is used to mean the sum total of all of the assets.
The person making the Will is called a testator and a beneficiary is someone who has been left some of the assets detailed in the Will. This is often a relation or friend, but ultimately could be anyone who the Will writer chooses. It is worth noting that some beneficiaries may be challenged if a close family member believes the Will is not valid.
When someone dies, it is important that someone takes charge of ensuring their wishes laid out in the Will is carried out. This is an executor, and these may be named individually within the contents of the Will. It is important that this is a trusted person. Once all of the assets have been distributed as set out in the Will, anything left over is called a residue.
Speak to us today here at Bennett Smith Solicitors to learn more about the intricacies about making a Will; ask us for an appointment to discuss further.
