What does it all mean? Estate planning dictionary.

Industries 
An excellent opportunity to run a professional, time flexible and lucrative Legal services business from home or office, from one of the most recognised and trusted brands in the industry. Minimum start up costs with no previous experience necessary.
Video

APS Legal & Associates

  Opportunities:
In the UK
  Business Type:
Business Opportunity
  Minimum Investment:
£3,995
  Training Provided:
Yes
  Home-based:
Yes
  Part time:
Yes

Most people understand that they should have a Will and Lasting Power of Attorney in place. However, when they do come to write their Will/Lasting Power of Attorney, they often don’t understand the terminology being used. We would like to shed some light on some of the commonly used terms in estate planning.

APS Legal & Associates logo

Relating to Wills:

Testator

The person whom the Will is being written for – their wishes will be conveyed in the Will and it is important that the Will is checked and signed by the Testator in the presence of two witnesses.

The Testator must be of sound mind and understand what is being written in the Will.

Executor

Up to four Executors can be named with Reserve Executors being an option. An Executor is responsible for carrying out the wishes of the Testator when they have passed away. An Executor should be someone the Testator trusts and can be (and often is) a family member. This is an important role and can be a hefty task, so it’s important to ask your chosen Executor before they are given this responsibility.

An Executor can pass over their duties to a professional Executor if they feel they cannot carry out the Probate. To find out more, speak to our Assured Probate team.

Probate

This is the process of administering the estate after the death of the Testator. The Executors are responsible for making sure everything is carried out according to the wishes stated in the Will. The process of applying for the Grant of Probate and administering the estate can be very lengthy and is not necessarily determined by the size of the estate, rather by how complex the estate is.

A person can carry out the probate themselves, however often this is passed onto a professional body, especially for a complex case.

Relating to Lasting Powers of Attorney

Donor

The person whom the LPA is being written for. The Donor appoints up to two Attorney’s with two reserve Attorney’s as an option too. The Donor should select someone they trust to act on their behalf and it is best that the LPA is registered straight away to prevent any problems.

Attorney

This relates to the person nominated to be responsible for someone who has lost capacity. There are two types of LPA and an Attorney can be appointed for both health and welfare and property and affairs. If made responsible for both, the Attorney can make decisions for the Donor’s health (such as the care they will receive) as well as for their finances (such as their bank accounts, etc…).

FOR FUTHER INFORMATION

If Will Writing and estate planning is something that you would like to become involved in, please fill out the enquiry form below.

Request Information

Listings Nearby

Looking for something different? Check these nearby listings.

Zoono Services

Be part of the global revolution with a Zoono Services infection and mould control franchise!...

Read More

Min Investment: £29,995

Cleaning Franchises
Zoono Services
(0/5)
YourZone45

YourZone45 is a boutique fitness studio that delivers highly motivating BootCamp style workouts that are focused ar...

Read More

Min Investment: £70,000

Adult Fitness
YourZone45
(0/5)
Your Zone

We are looking for driven, like-minded franchisees to spread our unique fitness brand, and offer a welcoming gym en...

Read More

Min Investment: £30,000

Adult Fitness
Your Zone
(0/5)
Your Mortgage Plus

Build your career, security and future income as a mortgage, finance and protection specialist.

Read More

Min Investment: £19,995

Business Opportunities
Your Mortgage Plus
(0/5)
Your Date

Join Your Date and run an online dating website for a niche area of your choosing. With us, you can work from home,...

Read More

Min Investment: £163,599

Internet Franchises
Your Date
(0/5)
Youngstar

Youngstar is an established network of exciting part-time drama schools. We are specialists in naturalistic acting...

Read More

Min Investment: £

Education Franchises
Youngstar
(0/5)

Our Newsletter

Receive FREE updates on the latest franchise opportunities!

Complete Your Request