Legal Terms – Wills

Glossary of words you might need to know when making your Will

Administrator	Someone who is appointed by law to settle your affairs if you die with no will
Beneficiary	Anyone who receives something from a Will. An executor or trustee can also be a beneficiary under a Will. A beneficiary of their spouse or children, should not witness a Will as if they do, they are not entitled to inherit under that Will.
Bequest (Legacy)	A gift left in a Will: Specific: a definite object or property Pecuniary: a gift of a particular sum of money Residuary: a gift of money or assets left when other legacies and expenses have been paid. It is normally expressed as a part or percentage of the residue of your estate.
Codicil	An addition or amendment to an existing Will.
Your Estate	The total value of everything own at your death, less any outstanding commitments.
Executor	The person or people you choose to make your Will happen. The Executor can be anyone of your choosing who is at least 18 years of age. You can appoint a spouse, a son or daughter, a brother or sister, or a close friend, for example. You may also appoint a Solicitor to act as Executor, however, there will usually be a charge for their services in fulfilling their role. It is also a good idea to talk it over with them first to be sure that they are prepared to do it. Executors can also be Beneficiaries under the Will. While it is permissible to appoint one (1) Executor, it is better to appoint two (2) or more (maximum of four), so that if one of your Executors dies before you do, the surviving Executor(s) can take on the responsibility. It is worth considering that having more than two Executors can sometimes cause the Estate to take longer to administer.
Guardians	People chosen by parents to look after their children in the event of their death.
Intestacy	The name for the situation which arises when someone dies without making a Will
Inheritance Tax	A 40% tax deducted from Estates with a value of more than £325,000. Money left to your spouse or a charity is not taxed. If your spouse pre-deceased and you did not use up their full inheritance tax free allowance, this will be added to your own at the rate prevailing at your death.
Probate	The legal process to establish whether your Will is valid. If not, an administrator is appointed.
Testator / Testatrix	The person making the Will.
Trust	An arrangement you can make in your Will to administer part of your assets after your death.
Trustee	A person responsible for carrying out the terms of a trust. You may be a Trustee and a Beneficiary, however, this may present conflict of interest issues. Careful drafting of a trust can help avoid potential difficulties caused by conflict issues.