Wills & Trusts Commonly Used Terms
ADMINISTRATOR - Someone who is appointed by law to deal with the affairs of a person who has died. An administrator could be appointed because, the person who died did not have a Will or they had a Will but did not appoint an Executor or the person appointed as Executor does not wish to act.
ASSENT - Legal term for when property is transferred by Executors to a Beneficiary or Trustee.
ATTESTATION - The Signing of a Will in the presence of two independent witnesses.
BENEFICIARY - A person or charity who is named to benefit from a Will or Trust.
BEQUEST - A gift in a Will of money or personal possessions.
CODICIL - A legal document that makes small minor amendments or changes to an existing Will.
DEED OF VARIATION - Allows a beneficiary who is in receipt of an inheritance to vary the inheritance they have received within in two years of the death of the donor.
DEVISE - A disposition of real property in a Will.
DONEE - The person receiving a gift from a Will.
DONOR - A person making a gift in a Will.
ESTATE - Everything owned by the deceased at the time of their death.
EXECUTOR - A male person appointed in a Will to administer the estate and carry out the wishes as stated in the Will.
EXECUTRIX - Female form of an Executor.
GRANT OF PROBATE - Confirms that an Executor has the power to administer the deceased estate.
GUARDIAN - A person appointed by Will to look after any minor children.
INTESTATE or INTESTACY - Both terms refer to the Laws which determine who would benefit from an estate if the deceased person did not make a Will.
ISSUE - Means Children including adopted and illegitimate children or grandchildren.
JOINT TENANTS - A type of property ownership. For example a couple purchase a property together on a joint tenants basis, If a joint owner subsequently dies then the surviving owner automatically becomes the owner of 100% of the property through survivor-ship law. If property is owned on a beneficial joint tenants basis then the Will of the deceased does not control where the deceased share is distributed.
LEGACY - Legacies are gifts of specific monetary amounts or specific property or items left to someone in a Will. These are paid after the debts of the estate are settled and before the residue is distributed.
LEGATEE - A person who receives a Legacy.
LETTERS OF ADMINISTRATION - A legal document which is issued by the Probate Registry to administrator the estate of a person who has died without making a Will.
PECUNIARY BEQUEST - A fixed sum of Money gifted in a Will.
PERSONAL CHATTELS - Are movable personal items. For example jewelry , furniture, clothing and cars.
PROBATE - Probate is the process of proving a Will. The Executor or administrator undertakes this role establishing the estate value and the person(s) to benefit from the estate. It is a process that is required if the estate is valued in excess of £5,000.
RESIDUE or RESIDUARY ESTATE - The residue of an estate includes everything left over which has not been gifted elsewhere in a will and after all debts, funeral expenses, all legacies and tax has been paid.
TENANTS IN COMMON - A type of property ownership where by two or more people own a defined share of a property. Owning property on this basis allows a deceased persons share to be directed by their Will.
TESTAMENTARY DISPOSITIONS - Any legal document regarding the distribution of an estate after death.
TESTATOR - A male person who makes a Will.
TESTATRIX - A female person who makes a Will.
TRUSTEE - A person appointed to look after any part of an estate that is left under the terms of a trust. A trustee becomes the legal owner of the Trust and are legally bound to look after the property of the trust in a particular way and for a particular purpose.
VESTED INTEREST - When a person meets all conditions of a gift and is entitled to that gift absolutely, they attain a vested interest.
WITNESS - A witness is someone who is over 18 and of sound mind that can sign to say they where present when the Will was signed. For a Will to be legally valid it must be signed by two witnesses who are both present at the time of signing. A witness should be totally independent and not be a beneficiary of the Will.
Related Links
Trusts FAQs
Lasting Power Of Attorney FAQs
Online Wills
