When it comes to Will-writing, you might come across some terms that you haven’t heard before. Here are the explanations for some of the most common terms used in Will writing.
Beneficiary: A person, or an organisation, to whom you leave something in your Will.
Bequest: A term for a gift that you leave to a person or organisation in your will. There are several different types of bequest, but the main ones are:
Codicil: A codicil is a document used to change a Will that has already been made. You can find more information about codicils in how to leave a gift to charity in your Will.
Estate: Your estate is the total sum of your personal possessions, property and money minus any liabilities.
Executor(s): The person or people that you appoint to ensure your final wishes are carried out. These can be professionals, friends, family members or institutions such as banks and some charities.
Guardian: Someone who is responsible for children until they become 18.
Inheritance Tax: This tax is paid on the portion of your estate that is above the nil-rate threshold.
Intestate: The word used to describe someone who has died without a Will.
Legacy: Another word for a gift or bequest left in your Will.
Probate: When somebody dies leaving a Will, their executors will usually need to apply for a grant of probate. Once this is obtained, the executors can deal with the wishes expressed in the Will and distribute the gifts that have been left.
Residue: This is what is left of your estate after any outstanding debts, taxes, pecuniary and specific bequests have been distributed to beneficiaries.
Testator: The name given to a person who has made a Will.
Trustee(s): One or more people who manage a trust.
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