Legacy Glossary

During this process, it’s likely that you will come across unfamiliar legal jargon. To make things easier for you, we’ve put together a list of terms and what they mean.

  • Administrator – A person/organisation appointed by law to settle your affairs in the event of there not being a valid Will.
  • Assets – All you own that is worth something, such as money, shares, property, vehicles, antiques, etc.
  • Beneficiary – Anyone who receives a gift from a Will.
  • Codicil – A simple statement containing extra instructions to update your Will.
  • Estate – The total value of everything you own at your death, minus any outstanding debts.
  • Executor – This is the person or people you choose to make sure the terms of your Will are carried out. They can be professional (such as a solicitor or Will writer), or friends or relatives. It’s advisable to choose more than one, in case an executor is unable or unwilling to carry out your wishes.
  • Guardians – Someone who has legal responsibility for children in place of their parents.
  • Intestacy – Refers to cases where someone has died without making a Will.
  • Liabilities – This refers to money owed, such as debts or a mortgage.
  • Legacy – a gift left to a person or organisation in your Will.
  • Probate – The legal process that establishes the validity of your Will.
  • Residue – The sum left from an estate after all debts, charges and gifts have been deducted.
  • Testator (Male)/Testatrix (Female) – The person making the Will.
  • Trust – An arrangement in your Will to have your assets managed and used after your death.
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