Estate Planning 101: Terms and Definitions
A new year, which means it may be another year without a will or estate plan! Is that you? If so, let Ashmore and Ashmore walk you through the steps of protecting your assets, and preparing for the future! Whether you're preparing for yourself and your peace of mind, or setting up your family for the future, we can help!
Let's start with the basics, what do all the "big words" mean?
Beneficiary: A person who will receive the benefit of property from an estate or trust through the right to receive a bequest or to receive income or trust principal over a period of time.
Beneficiary Representation: In estate litigation, the fiduciary is free to retain an attorney, but the beneficiaries of the estate or trust are also free to retain an attorney to guide and advise them. When an estate attorney represents a beneficiary in litigation, it is referred to as Beneficiary Representation.
Executor (male)/Executrix (female): Named in a Will, either to serve alone or with a Co-Executor, by the testator and then appointed by the Probate Court to manage and distribute a decedent’s estate in accordance with the terms of the Will. Can also be referred to as a Personal Representative.
For more information, check out this video with KC Ashmore!
Check out the video here! https://youtu.be/F5g-7_fhYIU
And, as always check out our website for more information: www.ashmorelawfirm.com