Administrator: Someone who is appointed by law to settle your affairs if you die without a Will.
Beneficiary: Anyone who receives from a Will.
Codicil: To change an existing Will you can add a codicil. Often it is as easy and no more costly 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: Is the total value of everything you own at your death, less any outstanding commitments.
Executor/Executorix: Those people you choose to make your Will happen. You may have one or two. Often this will be a friend and a solicitor.
Funeral arrangements: Directions you can give in your will regarding your wishes such as details of your burial, funeral services etc.
Inheritance Tax: It is the Tax payable for inheriting an Estate of which the value is beyond the prescribed limit. A legacy to a Charity is free of Inheritance Tax.
Intestacy: It is the name for the situation that arises when someone dies without making a Will.
Legacy: a gift in a Will. It can be
- Specific legacy: a definite object or property
- Pecuniary legacy: a gift of a specific sum of money
- Residual legacy: (the residue): a gift of the money or asset left when other legacies and expenses have been paid - i.e. the remainder.
- Life Interest: eg 'to my wife for her use in her lifetime, then to charity'
- Conditional Interest: a legacy which is dependent upon an event or specified criteria being met.
Probate: the legal process to establish your Will is valid. If not, an administrator is appointed
Testator/Testatrix: This is the person making the Will.
Trust: an arrangement you can make in your Will to administer part of your assets after your death. You can only make a limited Trust (To make a Nil Rate BandDiscretionary Trust). For more complicated Trust provisions, you should contact a Solicitor.
Witness: These are persons who witness (see) you signing the Will. Two witnesses must see you sign your Will and you must also watch both of them sign it. They must also watch each other sign the Will. No beneficiary (or their spouse) should sign the Will. If they do, any gift to them or their spouse will be invalid and will fail.
Please contact us for further information.