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In case I don't have a will or a trust, what will be the possible consequence? If you do not have a Will or a Trust, and have not used other probate-avoiding techniques, upon your death, your assets will pass according to the laws of the state to those whom you might not desire to share your wealth.
Yes, they both relate to events that happen after death. The difference is that a will allows the testator (the person writing the will) to record their wishes, whereas probate enables the personal representatives to action the testator's wishes.
Beneficiary: Someone named in a legal document to inherit money or other property. Wills, trusts, and insurance policies commonly name beneficiaries; beneficiaries can also be named for "payable-on-death" accounts.
A gift given by means of the will of a decedent of an interest in real property.
A will is a way to succession planning that ensures that the individual's property or any other asset, is given to the preferred family members without any dispute at the time of property distribution.
A Will can be hand-written or typed. It is to be written clearly specifying one's personal details, family details, property details, bequeath details, and details of both witnesses. One must make sure that his/her Will is created when one is mentally sound, without any fear, force, coercion, or undue influence.
A bequest is the act of leaving property to a loved one through your Will. An inheritance describes the property itself, as well as the rights an individual has to property after your passing. In other words, a bequest is more about you, and the inheritance is more about your beneficiary on the receiving end.
A bequest is a gift of personal property made by a will other than land, such as an item of jewellery or a car. a devise is a gift by will of real property, such as a house.
Traditionally, a devise referred to a gift by will of real property. The beneficiary of a devise is called a devisee. In contrast, a bequest referred to a gift by will of personal property or any other property that is not real property.
Making a Will helps ensure one's property devolves as wished and the right heirs receive their fair shares. Under the Indian Succession Act 1925, a Will is a legal declaration of the intention of the testator, with respect to his property which he desires to be carried into effect after his death.