ESL Podcast 943 - Making a Will
to get a wake-up call - to experience something shocking, or to see someone else it experience it, so that one questions what is most important in life and realizes that one must make changes
When Barney suffered a heart attack, it was a wake-up call for all of us to improve our diet and exercise more.
will - a legal document stating what should happen with one's money and what one owns after one dies
According to the will, each child will receive more than two million dollars.
estate planning - the process of planning for what will happen to one's money and property after one dies, as well as the process of creating plans to make sure that one's family members will be taken care of after one dies
It's important to update your estate planning records after major life events, like a marriage or the birth of a child.
asset - something that one owns and that has value, especially money and property
The Kastens have a lot of assets, like expensive artwork and fancy cars.
probate - the legal process that determines whether a will is valid and determines how assets are distributed if there is no will
Harold's house never entered probate, because his wife was a co-owner, so it passed to her automatically.
dependent - a person who is financially depended on another person, usually a child or a non-working spouse
What are the tax advantages of claiming an adult child as a dependent on my tax forms?
in limbo - in flux; uncertain, unclear, and undecided; still changing or still being discussed and decided upon
It looks like the hurricane is going to hit the island on Thursday, so now our vacation plans are in limbo.
to put (one's) affairs in order - to prepare for one's own death by organizing papers, closing accounts, and telling others where important information can be found
Li put her affairs in order by giving her sister access to her most important documents.
beneficiary - a person who receives some benefit, usually money, especially through an insurance policy
If a beneficiary is not designated when the policy holder dies, the funds in the account will automatically be given to the spouse, followed by the children.
inheritance - money or other assets given to a person when someone dies, especially a relative
Di worked hard all her life to leave a good inheritance for her three children.
executor - a person who is responsible for making sure that a will is followed correctly
Karina wants to have an executor who isn't a family member, because she thinks that will prevent arguments and bad feelings.
bequest - money or property that is given to a person or organization in accordance with a will after someone dies
His bequests included a generous donation to the local hospital.
holographic will - a will that is written by hand (not typed) and signed by the individual, without the witness signatures that are part of more formal wills
When the man realized he was dying, he quickly wrote "all to my wife" on the wall over his bed, and it became his holographic will.
to draw up - to draft; to write something; to create a written document, especially informally
How long did it take the team to draw up a new contract?
codicil - a written statement that adds to, changes, or revokes (nullifies) a will
As soon as the divorce papers were signed, Kazuyuki asked his lawyer to work on the codicils.
of sound mind - logical, rational, and able to think clearly; without a mental illness; not crazy
It would be illegal and unethical for a minister to marry two people unless he believed they were both of sound mind.
witness - a person who signs a document to officially indicate that he or she saw it be signed by the person it directly affects
Could you please sign your name here as my witness for this health insurance paperwork?
to get custody of - to be given legal permission and responsibility to care for a person or an animal that cannot live independently
What percentage of fathers get custody of their children after a divorce?