Although estate planning can be easy and intuitive, the legal jargon surrounding Wills can make it confusing for those who aren’t familiar with the process. Although many aspects of estate planning are actually relatively simple, the unfamiliar language that people associate with the law can make these aspects seem daunting, even unintelligible. The awkward words used in Wills may be intimidating, but you shouldn’t let a few unusual terms turn you away from preparing your own Will.
One of the philosophies that governs ExpatLegalWills.com is the idea that the law should be accessible, and that jargon terms shouldn’t prevent anyone from understanding their Wills. You shouldn’t be required to spend significant sums of money on legal advice just to understand your own Will. This glossary presents some of the most common terms that surround estate planning law, terms that will be useful as you write your Last Will and Testament. If there are others you would like to see, please add them in the comments.
You have finally decided that it’s time to write your own Will. There are key appointments to be made, like the naming of an Executor, or maybe guardians for your children. But the main body of your Will is going to explain how you wish to distribute your estate (everything you own). This could be made up of a series of “bequests” to a number of “beneficiaries”. The selection of beneficiaries becomes a little more complicated for Expats, and we frequently receive questions related to who or what can be a beneficiary in the Will.
A quick word on Bequests
There are three types of bequest that can be included in a Will. Continue reading
Most people know that they need a Will, but with 65% of adults in Canada, the UK and the US without a Will, there is clearly a barrier to getting it done. In most cases there is a misconception that in order to prepare a Will, you must have an estate planning lawyer or solicitor involved.
For Expats this presents a unique challenge, especially if assets are held in more that one country. You need a Will for each country in which you are holding assets, and you would need to find a qualified legal professional in each country to deal with your estate planning needs.
You may have heard about using do-it-yourself Will kits, or online Will services, but again, with assets held in different countries, you are rightly skeptical that an off the shelf Will kit would be able to cope with the complexities of your estate.
But travelling to each country to meet with a lawyer or solicitor to draw up the legal documents is simply not practical, especially if there are other family members involved. This makes the estate planning bill escalate into the thousands of pounds or dollars. Continue reading