Dont let legal terms put you off writing your will!
Here we take the Legal Lingo and explain what some common terms actually mean.
ADMINISTRATOR
Someone who is appointed by law to settle your affairs if you die without a Will.
BENEFICIARY
Anyone who receives from a Will.
BEQUEST
A gift left in a Will - see Legacy below
CODICIL
A legal document adding to, or altering an existing Will
CROWN OR TREASURY
The Government. Where your money and property go if you have not made a Will and have no next of kin.
ESTATE
The total value of everything you own at your death, less any outstanding commitments
EXECUTORS
The people you choose to ensure the instructions in your Will are carried out. They can be a solicitor, a friend or a family member.
INHERITANCE TAX
A 40% tax payable on estates worth over £325,000. Money left to your spouse or a charity is not taxed. If your spouse pre-deceased you and did not use up their full inheritance allowance, this will be added to your own at the rate prevailing at your death.
INTESTACY
The name for the situation which arises when someone dies without making a Will.
LEGACY
A gift left in a Will. (Otherwise called a bequest) It can be...
• Specific: a gift of a definite object or property.
• Pecuniary: a gift of a specific sum of money.
• Residuary: a gift left when other legacies and expenses have been paid
• Revisionary: a gift to someone for their lifetime which after their death goes to someone else
PROBATE (IN SCOTLAND CONFIRMATION)
The legal process to establish whether your Will is valid and the legacies can be distributed as specified.
TESTATOR/TESTATRIX
You, the person making the Will.
TRUST
An arrangement you can make in your Will to administer part of your assets after your death.