Legal Terms Pt.1
Ready to add some words into your dictionary?
Here are a few commonly used and heard legal words with regards to estate planning and inheritance matters. Understand them and you will not be confused when situation arises.
Estate Planning 遗产规划 yí chǎn guī huà
A process to make arrangement on how a person’s assets will be preserved, managed and distributed after death, while minimizing legal fees, medical cost and taxes.
Assets 资产 zī chǎn
A person’s possessions and belongings while he is alive, usually comprises cash, property, car, bicycle, insurance, stocks, jewellery, luxury items, electronic devices, etc.
Estate/ Inheritance 遗产 yí chǎn
Everything that a person owns and passes down when he dies, this excludes jointly-owned property & bank accounts as it automatically goes to the surviving joint holder.
Will 遗嘱 yí zhǔ
A Will is a legal document that states your instructions and wishes on how you want your estate to be distributed or disposed on your death. A Will only takes effect upon death.
Codicil 遗嘱的附录 yí zhǔ de fù lù
A extra document that serves as an “add-on” to alter an already executed Will.
Probate 遗嘱验证 yí zhǔ yàn zhèng
Establish the legal validity of a Will and other legal documents. Probate process only applies when there is a Will.
When someone ask you do you have estate, your reply should be “Excuse me! I don’t have!”