It’s high time you learnt all these words before writing a will.
- Beneficiary: Beneficiary is the person who inherits your assets after you are gone. It could be your children, spouse, other family members, or even your pet animal’s guardian.
- Bequeath: Bequeath is basically leaving one’s assets at the time of death.
- Bequest: Bequest is the gift of a personal property at death which could be anything but real estate.
- Custodian: A custodian is the person appointed to manage the properties inherited by a minor.
- Executor: An executor carries out all the wishes of a testator after he’s gone. The name of the executor must be mentioned in the will to ensure hassle-free proceedings.
- Executrix: An ancient term used to denote a female executor. However, today’s will writing space prefers ‘executor’ to ‘executrix’.
- Heir: Heir is someone (basically the child) who gets to inherit all the assets from an individual if no valid will is present.
- Testator: Someone who’d want to transfer the assets to a beneficiary by stating them in a will. A testator is called intestate if he/she passes away without a will.
- Trustee: A trustee possesses legal authority over all the assets stated in a trust or will.
- Witness: Witnesses are members who sign a will in the presence of the testator to make the will valid. Witnesses cannot be the beneficiaries mentioned in the will.
Octowill Services
Octowill is the next generation distributed and decentralized blockchain Technology for inheritance. This includes Will writing, e-Nomination, legacy planning, administration, and distribution. Octowill leverages technology to disrupt the estate planning industry and propel itself into becoming the global standard for individuals to secure digital, liquid, and non-liquid assets alike via blockchain. Beneficiaries of your assets can be assigned securely and the data associated with the will are stored and secured in blockchain to ensure transparency and accuracy.
- Blockchain-based Online will writing for traditional assets
- Beneficiary e-Nomination for digital assets & e-wallets
- Digital repository and Vault services
- Asset custody and asset administration
- Legal services related to inheritance
