Estate planning requires one to finalize documents, mainly covering the applicant’s estate and beneficiaries. However, some people are confused about the difference between a will and a testament. Both of these documents could be used to make an estate plan effective. If you want legal support and guidance for your estate planning, it would be vital to consult a probate lawyer in San Antonio.
One must be aware of the differences between a will and a testament. It could help them in managing their estate. These documents are significant since they include our assets and estate. Let us learn about a will and a testament.
A will is a legal document covering the defendant’s wishes and demands to handle their estate in case of death. A will would become effective if the defendant consults a probate lawyer in San Antonio for legal binding.
The will can be drafted by listing out the estate and the beneficiaries who would then receive the assets in case of the applicant’s death. Without a will, the beneficiaries or the heirs may have to face probate to get the estate.
A testament might be considered the same as a will by many people. To give you more clarity, a testament is a document that includes the testator who will be distributing or transferring assets as per their interests. The testament also consists of the list of beneficiaries.
A testament is also used interchangeably with ‘last will.’ It is because both documents are identical and consist of the same documentation. The testament gives direction to the attorney for distributing and transferring the assets to the choice of beneficiaries.
Difference between a testament and a will
Now that you know what both documents mean precisely, it would be essential to know the differences. The significant difference between both documents is the distinction between the estate type.
A will would be used to list properties and estate, whereas a testament is used to name beneficiaries to receive other personal assets. However, both documents have been used interchangeably, given their similarity. One can use either to plan their estate and give directions for further asset distribution.
Is legal binding necessary?
If you want to draft a will or a testament, it would be more helpful for you to get the document legally bound. It means that the will or the testament would be legally valid. Legal binding could be beneficial when the beneficiaries want to inherit the estate. Legal binding is not necessary in most cases, but it could be helpful after the applicant’s death. A legally bound document would also help the heirs avoid the probate procedure.