Estate Planning Terms You Should Know Before Hiring A Professional Attorney

Are you looking to hire an estate planning attorney? If so, you should prepare yourself to listen to some unfamiliar terms. Whether you are hiring estate planning attorneys for will writing service Coventry or for tax planning, you might encounter some confusing terms. Therefore, it’s important to know what they mean and why they are important. Here are a few estate planning terms:

Intestate:

Intestate is a term used in estate planning when someone passes away without forming a valid trust or will. In this case, the diseased person's assets are distributed as per state laws. It might not reflect the wishes of the diseased person. Moreover, his loved ones might suffer in such a situation of hassle and uncertainty. Therefore, it's important to have a will specifying your wishes and preferences.

Probate:

It is another common term used by estate attorneys. This means the legal process to validate your will and settle your estate in simple words. It is a process of filing, paying, and distributing. During this process, your probate solicitors Coventry can help you file your will in court. They will help you file taxes and distribute the assets to the beneficiaries. It can be a time-consuming and expensive process but necessary. Your attorney can guide you throughout the process.

Beneficiary:

The person who gets the benefit from your estate is called the beneficiary. It can be in the form of money, assets, or property. Usually, people name their spouse, children, or siblings as their beneficiaries. You can also name charities or non-profit organizations as your beneficiary. There can be multiple beneficiaries with the specification of how much each will get. Your estate attorney can guide you in reviewing and updating your beneficiary designations to ensure they reflect your current situation and wishes.

Executor:

This is the person who will carry out the instructions of your will as you mentioned. From funeral planning Coventry to managing your estate, this person is responsible for carrying out your wishes according to your will. The executor will manage the probate process, such as filing the will in court, paying the debts and taxes, and notifying the beneficiaries. This person is someone you trust the most and can handle these tasks. Your estate attorney can guide you throughout the process of appointing your executor.

By knowing these estate planning terms, you can make informed decisions and protect your legacy.

Visit https://www.burbagefinance.co.uk/ to hire a professional estate attorney.


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