Will Writing
Jargon Explained...
Like any legal subject, Wills can be a bit of a maze of terminology and it can be very hard not to get lost in all the legal jargon.
To help you find your way around the subject a little easier, here are some of the key words you might encounter.
1
Beneficiary
A person to whom something is left in your Will.
2
Bequest
A gift left to a person in your Will.
3
Codicil
A document which changes a Will that has already been prepared and authorised.
4
Estate
The total sum of your personal possessions, property and money minus anything you owed at the time of your death.
5
Executor(s)
The person or people that are authorised to see that your final wishes as laid out in your Will are carried out.
6
Guardian
The person who is responsible for children until they become 18.
7
Inheritance Tax
The 40% tax paid on the portion of your estate that is above the
nil-rate threshold.
8
Intestate
The state of having died without leaving a Will.
9
Probate
The legal document granting someone the authority to act as the Executor of a Will. Once obtained, the wishes expressed in the Will can be executed and bequests distributed.
10
Residue
What is left of your estate after any outstanding debts, taxes, monetary and specific bequests have been distributed to beneficiaries.
