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.
