| Administrator: |
someone
who is appointed by law to settle your affairs if you
die without a Will |
| Beneficiary: |
| anyone
who receives anything from your Will |
| Codicil: |
to
change an existing Will you can add a codicil. Often it
is as easy to make another Will |
| Crown
or Treasury: |
the government. If you do not have a Will and have no
next of kin, the Crown receives your estate |
| Estate: |
the
total value of everything you own at your death, less
any outstanding commitments |
| Executors: |
those
people you choose to make your Will happen |
| Funeral
arrangements: |
directions
you can give in your Will regarding your wishes such as
details of your burial, funeral services, 'In memoriam'
gifts in lieu of flowers, etc. |
| Guardian: |
a
person with legal control or responsibility for a Minor
(i.e. a child under 18) |
| Inheritance
Tax: |
a
40% tax payable on larger estates. (A legacy to charity
is free of Inheritance Tax) |
| Intestate
(or Intestacy): |
the
name for the situation that arises when someone dies without
making a Will |
| Minor: |
under
English Law, a person under the age of 18 |
| Legacy: |
a
gift in a Will - either a specific item (a Specific Legacy)
or a gift of money (a Pecuniary Legacy) |
| Obtaining
probate: |
the
legal process of establishing that your Will is valid
and that your executor(s) is/are legally authorised to
manage your estate |
| Residue
or Residuary Estate: |
the
remainder of your estate after the deduction of tax, debts,
legacies, and the expenses of administration |
| Residuary
Beneficiary: |
a
beneficiary who receives the residue of an estate, or
part of it |
| Testator
(or testatrix if female): |
a
person who makes a Will |
| Trust: |
an
arrangement under which a person or persons (the trustee
or trustees) hold and manage property for the benefit
of another person or persons (the trust beneficiary or
beneficiaries) |
| Will: |
a
legal document which sets out the wishes of the testator
for the distribution of his or her estate and certain
other matters after his or her death |
| Witness: |
a
person who signs a Will to verify that they saw the testator(rix)
sign it and that he/she was of sound mind at the time.
Each Will must have two witnesses |
| |
