… the jargon in your Will!
One of the reasons so many of us veer far away from finalising our Wills is because the terminology can be overwhelming! But, the proper language can help us bring clarity to our final wishes – and help our loved ones come to terms with our passing.
At Victus Group, we always recommend working with our qualified, professional team when drafting these documents and final plans. However, we also want you to know as much as possible to make informed and intentional decisions. Transparency and understanding help to make this process less daunting and more meaningful.
Also known as a testament, your Will is a document in which you can clearly define what must happen when you pass away. It covers all your assets (investments, property, digital accounts), liabilities, and any other final wishes.
Here are some terms that you might read and talk about when discussing your last Will and testament:
Testator/testatrix: You are the testator, making your Will and signing your name at the end.
Beneficiary: A beneficiary is someone who receives an inheritance through a will. Anyone you leave assets 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.
It’s always strongly advised to set up your Will through, or in collaboration with, your trusted financial adviser. This way, we can align your estate plan with your last Will and Testament.