Here Is Our Glossary Farnham
Creating a will entails using various legal terminology. Familiarising yourself with the meanings of frequently used words and phrases can help you navigate the essential process of will creation successfully. Our team of dedicated professionals is here to provide you with unique and engaging content tailored to your needs.
Administrator
It is someone who manages the deceased’s financial affairs when there is no Will.
Normally, the administrator is the next of kin.
Asset
It can be anything you own that is of value. It can include property.
Beneficiary/Beneficiaries
Those who have been left money or other benefits in a Will.
Bequest
A gift made in a Will to an individual or body.
Children
The children of the deceased. It means illegitimate and adopted children, but not stepchildren, unless the Will includes a provision for them.
Codicil
It is a legal document that alters or adds to an existing Will and, therefore, needs to be kept with it. Like a Will, it also has to be witnessed.
Executor
Whether it’s an individual or an esteemed institution such as a bank or solicitor, the appointed Executor in the Will is responsible for managing the deceased’s financial matters. Trust in their expertise to handle these important affairs with utmost care and professionalism.
Grant of Probate
This is the authority from the Court for the Executor to manage the financial affairs of the deceased.
Guardian
The deceased has the opportunity to make crucial arrangements in their Will by appointing a guardian for their children. It ensures that their children’s affairs are managed and cared for by a responsible individual.
Inheritance Tax
It involves paying tax on the value of an estate above a specified threshold.
Intestacy
If the deceased dies without making a will, then they are said to have died intestate. It means that the estate is allocated according to an agreed set of rules.
Legacy
It is a person or organisation to whom you leave a gift in your Will.
Letters of administration
These are official court documents confirming the person’s appointment as the estate’s administrator.
It is a gift that allows a person or persons to receive either the income from an asset or the right to stay in a property for the duration of their life.
Personal Chattels
Unlike money or property, these are the personal effects of the deceased.
Probate
It is the legal process that must be followed after someone dies to ensure the Will is valid. It gives the executors the power to deal with the estate.
Probate Registry
It is a part of the Court’s service that looks after the Wills and estates of those who have died.
Property
Anything which the deceased owned.
Residue
After all the debts, specific bequests and legacies have been paid, this is what is left of the estate to be shared out.
Schedule
It is a list of all assets included in a trust or a Will.
Testator
It is the person who has made the Will.
Trust
It is an arrangement that allows trustees to own and manage property on behalf of someone else.
Will
It is a legal document that defines what the deceased wants to happen to their estate after they die.
Witnesses
These are two people who are independent and do not benefit from the Will. Their role is to sign the Will to confirm that they have seen the Testator signing it.