Within the world of Wills and Estate Planning, you may come across some legal or financial terms that you are not used to. Don’t worry, as a result we have put together this handy Glossary of Terms guide to some of the most common terms used. We hope this is a help, but remember we are only a phone call or an email away so contact us if you need more information.
Not only that, but remember that we offer free no-obligation home visits so we can come to you and go through everything in plain-speaking language that you will understand. So enjoy this glossary of terms and don’t forget to contact us for more information.
Where there is no Will or Executor, as a result an Administrator is appointed to deal with an estate.
An individual/organisation who receives a gift in your Will.
Money/item left in a Will.
Your possessions at the time of death, including money and property.
The person who is appointed by you to make sure the instructions in your Will are carried out.
Guardians are the people who are appointed to care for any children under 18. If Guardians are not in place, the Courts may decide who will look after your children.
Inheritance Tax (IHT)
The government sets the Inheritance Tax threshold for the year and any estate with a value over this is subject to Inheritance Tax. Reducing the estate value with a donation to charity can reduce Inheritance Tax.
Intestate and intestacy
A person is said to be intestate if he/she dies without making a Will.
A legacy is a gift left to a person or organisation in your Will.
A legal document which authorises one or more people to handle another person’s financial affairs or health & welfare
The legal procedure by which your executor is given the authority to administer your estate. The remainder of an estate after the deduction of tax, debts, specific gifts, legacies and administration costs.
A gift of residue made in a Will. This is a particularly popular way to leave a gift to a charity.
A gift of a particular item
Testator or testatrix
The person making the Will.
A legal document containing instructions for your executors on what will be done with your money and property after your death.
Someone who witnesses the signing of your Will.