Wills

 

wills

Will Glossary - Jargon explained

Administrator:
someone who is appointed by law to settle your affairs if you die without a Will
Beneficiary:
anyone who receives anything from your Will
Codicil:
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
Estate:
the total value of everything you own at your death, less any outstanding commitments
Executors:
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.
Guardian:
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
Minor:
under English Law, a person under the age of 18
Legacy:
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
Trust:
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)
Will:
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
Witness:
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
 

 

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