Will Glossary - Jargon explained

someone who is appointed by law to settle your affairs if you die without a Will
anyone who receives anything from your Will
to change an existing Will you can add a codicil. Often it is as easy to make another Will
Crown or Treasury:
the government. If you do not have a Will and have no next of kin, the Crown receives your estate
the total value of everything you own at your death, less any outstanding commitments
those people you choose to make your Will happen
Funeral arrangements:
directions you can give in your Will regarding your wishes such as details of your burial, funeral services, 'In memoriam' gifts in lieu of flowers, etc.
a person with legal control or responsibility for a Minor (i.e. a child under 18)
Inheritance Tax:
a 40% tax payable on larger estates. (A legacy to charity is free of Inheritance Tax)
Intestate (or Intestacy):
the name for the situation that arises when someone dies without making a Will
under English Law, a person under the age of 18
a gift in a Will - either a specific item (a Specific Legacy) or a gift of money (a Pecuniary Legacy)
Obtaining probate:
the legal process of establishing that your Will is valid and that your executor(s) is/are legally authorised to manage your estate
Residue or Residuary Estate:
the remainder of your estate after the deduction of tax, debts, legacies, and the expenses of administration
Residuary Beneficiary:
a beneficiary who receives the residue of an estate, or part of it
Testator (or testatrix if female):
a person who makes a Will
an arrangement under which a person or persons (the trustee or trustees) hold and manage property for the benefit of another person or persons (the trust beneficiary or beneficiaries)
a legal document which sets out the wishes of the testator for the distribution of his or her estate and certain other matters after his or her death
a person who signs a Will to verify that they saw the testator(rix) sign it and that he/she was of sound mind at the time. Each Will must have two witnesses


Wills 24-7 does not give advice or recommendation on your Will or Enduring Power Of Attorney needs and wants. We are not responsible for the appropriateness of the product that you might choose or the level of cover chosen

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