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.
