Roles of the Testator

Wednesday, June 24th, 2009

A testator is a person who will decide on the beneficiaries of their estate. If there’s no will, the estate will just be divided according to laws of intestacy, and this may result in another outcome which is not the wish of the deceased.

For instance, significant sums of money may pass to the children instead of the surviving spouse.  Though it may be desirable to have some funds for the children, the testator can provide a limit or the final decision on the beneficiaries that he or she decides to give benefit to.

Also, the testator can select an individual to be their executor.  This individual will be responsible for administering the estate of the testator.  Testators should not only choose individuals that they trust, but most important, those whom they think can cope up with the stress of the role.  Also, the executors may need to apply for insurance in order to protect the estate.

Every testator should make sure that he or she has an accurate and up-to-date will since a well-drafted will may also be a very vital tax-planning tool.  More people can be caught up with inheritance tax or death duties, but these can be avoided easily if the testator seriously considered the creation of a will.

Tags: beneficiaries, estate, executor, inheritance tax, intestacy, testator, will
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Legal Terms in a Will

Saturday, June 20th, 2009

You’ve probably watched this scene in a movie - a family sits in an office while an attorney reads a last will and testament from their wealthy grandfather.  And then it reads “Being of sound body and mind, I, Reginald V. Gotrocks, hereby bequeath all my fortune and possessions to one person who’s been there for me rain or shine, day in or day out…..my mailman Jim.”

The next thing that would happen is that the family may vow to contest the crazy will of the old man.  Unfortunately, if the will has been properly drafted, it’s one of the iron-clad documents in law.

The truth is that everyone of legal age should have a will.  If not, the court will never know how you intend to dispose your possessions - be it land, money, computer, or your pet cat.

It’s also important to know the legal terms in a will:

• Testator - person who owns the will
• Executor - person who’ll carry it out
• Beneficiary - recipient of the  assets
• Probate - court that will prove the will’s validity
• Bequest - gift of personal property coming from testator to beneficiary
• Codicil - written amendment to the will
• Intestate - a person have died without a will (opposite of “testate”)
• Trust - entity holding assets until later, which also allows the beneficiary to bypass probate.
• .

Tags: attorney, beneficiary, bequest, codicil, court, executor, intestate, probate, testator, trust, will, will and testament
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