When it comes to slang for testament, the language can vary depending on the context. Whether you’re discussing a will, a statement of belief, or something else entirely, understanding the slang terms can be key to staying in the loop. Our team has put together a list of the most common and interesting slang terms related to testament, so buckle up and get ready to expand your vocabulary in a fun and informative way!
Click above to generate some slangs
1. Will
A legal document that outlines a person’s final wishes regarding the distribution of their assets and the care of any dependents after their death.
- For example, “My grandmother left me her house in her will.”
- A person might say, “I need to update my will to include my new child as a beneficiary.”
- In a discussion about estate planning, someone might ask, “Do you have a will in place?”
2. Last will and testament
A formal document that details how a person’s assets should be distributed and their affairs handled after their death. The term “last will and testament” is often used to refer to the same document as a “will”.
- For instance, “The lawyer is reviewing my last will and testament.”
- In a conversation about inheritance, someone might mention, “According to his last will and testament, all his assets go to charity.”
- A person might ask, “Have you drafted your last will and testament yet?”
3. Inheritance document
A document that outlines the assets and property that a person inherits after someone’s death. It can refer to any legal document that confirms the transfer of assets from a deceased person to their heir(s).
- For example, “I received my inheritance document from the lawyer.”
- In a discussion about family wealth, someone might say, “The inheritance document states that the house goes to my sister.”
- A person might ask, “Do you have a copy of the inheritance document?”
4. Bequest
A gift or item of value that is specifically given to someone in a person’s will. It is a term often used to describe a specific item or amount of money that is left to a particular individual.
- For instance, “She left a bequest of $10,000 to her favorite charity.”
- In a conversation about inheritances, someone might mention, “The bequest in the will was a rare painting.”
- A person might ask, “What bequests did you receive in your grandfather’s will?”
5. Estate plan
A comprehensive plan that outlines how a person’s assets should be managed and distributed after their death. It encompasses various legal documents and strategies to ensure the smooth transfer of assets and minimize tax liabilities.
- For example, “I need to create an estate plan to protect my assets.”
- In a discussion about financial planning, someone might mention, “An estate plan can help avoid probate and ensure your wishes are carried out.”
- A person might ask, “What components should be included in an estate plan?”
6. Testamentary trust
A testamentary trust is a type of trust that is created through a person’s will and takes effect upon their death. It allows the person to specify how their assets will be managed and distributed to their beneficiaries after they pass away.
- For example, “John set up a testamentary trust in his will to ensure that his children receive their inheritance in a responsible manner.”
- A lawyer might explain, “A testamentary trust can provide tax benefits and asset protection for the beneficiaries.”
- A financial advisor might recommend, “Consider setting up a testamentary trust if you have minor children or beneficiaries with special needs.”
7. Heirloom document
An heirloom document refers to a document that has been passed down through generations within a family. It holds sentimental value and often represents the family’s history or legacy.
- For instance, “The old family Bible is an heirloom document that has been in our family for over a century.”
- A person might cherish an heirloom document and say, “This letter from my great-grandfather is a precious heirloom that connects me to my family’s past.”
- A historian might study an heirloom document and comment, “This diary provides valuable insights into the daily life of people from that era.”
8. Legacy plan
A legacy plan refers to a comprehensive strategy that outlines how a person’s assets and estate will be managed and distributed after their death. It involves making decisions about beneficiaries, tax planning, charitable giving, and more.
- For example, “Jane worked with an estate planner to create a legacy plan that reflects her values and ensures her family’s financial security.”
- A financial advisor might recommend, “Start thinking about your legacy plan early to maximize the benefits for your loved ones.”
- A person might say, “I want to leave a positive legacy, so I’m including a charitable component in my legacy plan.”
9. Succession document
A succession document refers to a legal document that outlines how a person’s assets and property will be transferred to their heirs or beneficiaries after their death. It typically includes details about the distribution of assets and may also address other matters such as guardianship of minor children.
- For instance, “The will serves as a succession document, specifying how the deceased person’s estate will be divided among their heirs.”
- A lawyer might explain, “A succession document is crucial to ensure that the deceased person’s wishes are carried out and to avoid potential disputes.”
- A person might say, “I need to update my succession document to include my new grandchild as a beneficiary.”
10. Testamentary disposition
A testamentary disposition refers to the act of distributing one’s assets and property to beneficiaries through a will or other testamentary document. It involves making decisions about who will receive what and how the distribution will occur.
- For example, “The deceased person’s testamentary disposition stated that their estate should be divided equally among their three children.”
- A lawyer might discuss, “When creating a testamentary disposition, it’s important to consider any applicable laws and regulations.”
- A person might say, “I want to ensure that my testamentary disposition reflects my wishes and provides for my loved ones.”
11. Probate document
A probate document is a legal document that outlines the distribution of a deceased person’s assets and the settling of their estate. It is typically filed with the court and used to ensure that the deceased person’s wishes are carried out.
- For example, “The lawyer presented the probate document to the judge for approval.”
- A family member might say, “We had to go through the probate process after my grandmother passed away.”
- A lawyer might advise, “It’s important to have a properly drafted probate document to avoid any disputes among family members.”
12. Trust document
A trust document is a legal document that establishes a trust, which is a legal arrangement where one person (the trustee) holds and manages assets for the benefit of another person (the beneficiary). Trust documents outline the terms and conditions for how the assets are to be managed and distributed.
- For instance, “The trust document specified that the assets would be divided equally among the grandchildren.”
- A financial advisor might explain, “Setting up a trust document can help protect your assets and ensure they are distributed according to your wishes.”
- A lawyer might say, “Reviewing and updating your trust document regularly is important to ensure it reflects your current circumstances and wishes.”