There are many legal terms that are known to us, but only by name. We do not understand the proper meaning of them. The reason may be; everywhere they are explained in a hard legal language. In the lack of this knowledge, one can be struck into drastic situations. In today's world forgery and fraud-related crimes cases are increasing like nothing. To avoid them we have to be attentive about our property and belongings. The money, assets, and property belong to us and we have to take care of them. By understanding these terms you are giving value to your property. And, I will feel happy if I can help you in understanding these terms. If you really feel it difficult to understand these terms in a legal way, then here, I'm interested to explain all these terms in a very simple and common language.
Let's start with "Will".
-Will: You must be aware that will is a legal document. In it, the distribution of the property of a person is explained. The distribution of all belongings is done according to the owner's wish. The age category for applying a will is 18 or above 18 years.
-Testament: A testament is also a legal document. It also includes the distribution of owner's property. And, it also follows the owner's wish.
Then what makes a difference?
A "will" is a document which includes the distribution of owner's real property. Whereas, a "testament" is a document which includes the distribution of owner's personal property.
You might not understand that, what is the difference between real property and a personal property?
There are two categories in property. One is Real and the other is Personal. A real property can be replaced by the term real estate. That means land or the things permanently attached with land that can be a house or a building, the things under the land, anything which can't be separated from the land. And, the personal property can be of two types. One is Tangible and the other is Intangible. Tangible personal property is something you can touch. And, it includes jewelry, home accessories like: sofa, bed, locker and other items. The intangible personal property is a non-materialistic property. That includes patents, copyrights, bonds and stocks etc.
-Testator: The owner of the property and the person who is going to sign the will and testament is called testator. He must be mentally stable at the time of creating and signing the will and testament. He must be at least 18 years old at the time of signing the will and testament.
-Beneficiaries: The people who are going to be the owners of the testator's real and personal property are called the beneficiaries. A beneficiary has to be 18 or above 18 years. If a beneficiary is less than 18 years old then he and his part of the property will be under the care of a caretaker.
-Executor: An Executor is a person who is responsible for the distribution of the property. This distribution must be according to the will and testament. The person who is going to be the executor can also refuse to be so. And, if he accepts it then the court dispatches a document which is called "letters testamentary". It is issued to legally allow the person to be the executor.
Note: Don't get confused between the executor of the will and the beneficiaries. In a simple language, an executor is the caretaker of will and the beneficiaries are the (would be) owner of the property.
-Probate: It is a legal process, which is held at the probate courts. Some matters are cleared in this process, like who is going to be the executor of the will, who are going to be the legal beneficiaries etc.
Keep these terms in mind. Don't get cheated and do value your property, this is really very important.
Article Source: http://EzineArticles.com/expert/Kristen_R_Marshall/1612830
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