Wills.com | Learning Center
By Vincent Hoonings, January 10th, 2025
Why Understanding Estate Planning Terms Is Crucial
When you are beginning to plan for your estate, or when you are attempting to navigate the often complex world of inheritance, you will quickly find that you are surrounded by a seemingly never-ending list of terms that may be foreign to you. You may even feel like you are speaking a different language, that is specific to those in the legal community. Understanding the terminology that is used in estate planning documents is essential for making informed decisions and communicating your intentions clearly.
Without a clear understanding of these terms, you may make mistakes that could be costly, time consuming, and create an opportunity for a great deal of stress for all members of your family. It is imperative that you take the time to learn these terms so that you can ensure your wishes will be carried out as you intend, and also so that you can better manage your affairs and make better choices for your loved ones. You cannot be an advocate for yourself if you don’t understand the language, which is why you should always make an effort to improve your understanding and take the time to learn what these terms mean.
This comprehensive glossary will serve as a handy reference tool, providing clear and concise definitions of key estate planning terms.
With a solid understanding of these estate planning terms, you will now be better equipped to actively participate in the process of creating a plan for the future, whether it is for your own estate or the estate of someone who has passed away. You will be able to speak with legal professionals and financial advisors with more confidence, and you will also have a better ability to fully understand the documents that you will be reviewing and signing, allowing you to ensure that your wishes are being honored.
Vincent Hoonings, CEO and Founder, Wills.com
