Legal Brief for January, 2011

Definitions of Words Related to Wills

There are many words and phrases that lawyers will mention to their clients when discussing Wills that they are preparing.  It can become difficult to keep track of what all the terms mean, let alone sort out the relevance to your particular document.  Here is a sampling of common words that you will encounter when getting your Will prepared.

Last Will and Testament   - this is what you commonly see at the top of your Will.  The "Will" portion was used originally for the purpose of passing on real estate, while the "Testament" side referred to "personal" property, which in legal terms is everything other than real estate.  Modern practice combines both elements into one document, hence the title "Last Will and Testament''.  The "Last" refers to the fact that what is being signed is the most current will signed by that person.

Codicil   - this is a one page "add on" to a Will that is done when the person just has one or two clauses they want to change in their existing Will.  You can sign more than one Codicil over the course of your lifetime.  

Executor   - this is the person you appoint in your Will to administer your estate, ensure all debts are paid and take care of transferring your assets to the people you name in your Will to inherit what you own.  Also referred to as a "personal representative."

Beneficiary   - the person(s) that you name in your Will to inherit your assets.

Bequest   - a specific gift to a named individual, either of a dollar amount or a specific item of property.

Residue   - the bulk of your estate, that is divided in shares among your beneficiaries.

Testator   - the person signing the Will.

Probate   - the process of authenticating the Will through the Court as a valid Will.  Only required in cases where you need to deal with third parties to transfer title to assets, such as the Land Titles Office for real estate.

Don't hesitate to speak up and ask your lawyer to explain any terms or concepts that you may not understand as you are working through the process of getting your Will prepared.  Your lawyer will be pleased to spend a few extra minutes with you to ensure that you thoroughly understand the concepts involved in this important document in your life.