A Glossary of Important Will Terms
Posted on 31st January 2020
When our team of local solicitors for Wills are drafting your Will, they may use some phrases or words that you are unfamiliar with. With this in mind, our team has put together a helpful glossary of terms to help you out.
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Assets
As asset or your assets are items that you own, such as your property, savings in your bank, vehicles, jewellery, etc.
Beneficiary
A person or organisation (such as a charity) who you chose to receive a gift or the whole of your estate.
Bequest (also known as a legacy)
A specific gift left in your Will, such as money.
Chattels
Your personal property that can be moved, such as jewellery, clothes or a watch.
Codicil
A legal document that amends your original Will, rather than making a new one. Like with a Will, a codicil must be signed by the testator or testatrix, as well as witnessed by two people.
Estate
The whole of a person’s assets.
Executor
The person, people or professional who you appoint to deal with your affairs and implementing the terms of your Will, following your death.
Guardian
The person or people who you appoint to look after any minor children that you have, following your death.
Intestate
A word used to describe the estate of someone who was died without leaving a Will.
Inheritance Tax
The tax payable on your estate if it exceeds a certain amount, currently set at £325,000.00 per person, although other reliefs can apply.
Pecuniary legacy
A gift of a specific amount of money, for example the sum of £100.00 to a specific person or cause.
Probate
The legal process of dealing with a person’s estate, including dealing with their assets, and any liabilities, in accordance with their Will or the Rules of Intestacy (which you can read about on our local solicitors for Will’s blog, here).
Residue
The remainder of the estate once all assets have been collected, all liabilities have been paid (for example, the funeral) and any specific legacies and bequests have been distributed.
Testator / Testatrix
The person (male or female, respectively) who is making the Will.
So, if our team’s glossary has helped you to be ready to make your Will, contact our team today at your local office to arrange your appointment, or email wills@mglegal.co.uk.
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