Jargon Buster

Administrator

Is the person appointed by law to deal with your affairs if you die without a Will. A potential beneficiary or family member usually applies to the Probate Registry to take on this responsibility.

Attestation

To witness the signing of the Will.

Beneficiary

Is any person who receives anything from your Will.

Bequeath

To give or leave something in a Will

Codicil

To make a change or alteration to an existing Will.

Charitable Gift

The gift must be for the benefit of the charity, or community. Such gifts are exempt from Inheritance Tax.

Chattel

Personal as opposed to real property; any tangible movable property (furniture or domestic animals or a car etc)

Crown or Treasury

If you do not have a Will or your Will is invalid the Crown or Treasury (which is effectively the Government) receives your estate.

Defeasance

A provision that voids a bond or loan when the borrower sets aside cash or bonds sufficient enough to service the borrower's debt.

Domicile

The place home country where you live.

En Ventre Sa Mere

An unborn child may be a beneficiary of a Will. (“Should my daughter have a child/children then I leave these grandchildren of mine…..”)

Estate

Is the total value of everything you own at the time of your death, less any outstanding liabilities.

Executor (Male)/ Executrix (Female)

Are the people who you have appointed in your Will to ensure your wishes are carried out.

Funeral Arrangements

Directions given in your Will regarding details of your funeral burial/cremation, flowers and service. ‘In memoriam’ gifts in lieu of flowers or donations to charity.

Guardian

The person you appoint to look after your child/children on your death.

Inheritance Tax

Is a government tax at 40% that is paid on an estate once the current threshold is reached currently £312,000. Spouses and Charity are exempt.

Intestate or Intestacy

This is the name for the situation that arises when someone dies without making a Will.

Legacy

This refers to a gift made to a beneficiary.

Life Interest

The use of an item or property only for the duration of a person’s life.

Minor

A person under the age of 18.

Probate

The legal process of establishing that your Will is valid and that your Executors are legally authorised to manage your estate.

Testator / Testatrix

This refers to the male (testator) or female (testatrix) making the Will.

Trust

Is an arrangement you can make in your Will instructing the trustee to hold and manage property for the benefit of another person or persons (the trust beneficiary or beneficiaries).

Trustee

The person who is empowered to administer the assets of a Trust Fund.

Will

A Legal document which sets out the wishes of the testator/testatrix for the distribution of there estate after their death.

Witness

For a Will to be valid two witnesses, who must not be beneficiaries must sign the document to verify that the Testator / Testatrix has signed it and that they were of sound mind at that time. No beneficiary or their spouse should sign the Will; if they do, any gift to them or their spouse will be invalid.