Many of the legal terms used when making a Will can be very confusing
so we have given a brief outline of the most commonly used here:
A person appointed by
a probate registry or court to deal with the deceased’s estate,
where the deceased did not leave a will.
All the property belonging to
a person; this includes house, other land, stocks, shares, money in
a bank account or savings account, car, furniture, jewellery and so
on.
A statement at the
end of a will which says that the will has been properly signed and
witnessed
A Beneficiary is any person
who is to benefit from your Will. The relationship of a beneficiary
should be made evident even if not blood related e.g. stepson, stepdaughter,
friend etc. An organisation such as a charity can also be a beneficiary.
To leave property to someone
in a will
Bequest: A gift of something other than cash left in a will, such
as jewellery or painting etc.
A notice entered at a probate
registry to prevent the grant of probate being made without notice
being given to the person who entered the caveat; a caveat will be
entered where there is some doubt about the validity of the will or
where there is a dispute about who is entitled to act as executor.
Goods which are ‘moveable’,
that is items such as furniture, cars, jewellery etc.
A separate document made after
the original Will that adds to or alters it.
A gift left in a will
with a condition attached
Person that has the responsibility
for dealing with all the affairs of a person after death and ensures
that wishes in a Will are carried out. There can be a great deal of
work involved with may tasks being time consuming and often needing
legal and taxation knowledge. If your circumstances are not complicated,
it is normal to appoint members of your immediate family. (It is perfectly
legal for an Executor to receive a gift in your Will).
However, if you want your relatives not to have to deal with paperwork
and possible court appearances, you can also appoint a professional
executor e.g. bank, solicitor etc. If you appoint a professional,
fees will be due after your death.
The court’s permission
for an executor to collect in the deceased’s assets, pay the
debts and then distribute the estate to those named in the will.
If
you have children under the age of 18 you should state who you would
want to take care of their welfare if both parents were to die. If
your choice of guardian is not also named as an executor, then he/she
will not have automatic access to money you may have left for your
children, which would be held on trust.
Inheritance tax is charged
at a flat rate of 40% on estates that total over £200,000 (subject
to change). However, there is no tax payable on assets left to a husband
or wife (if domicile in the UK) or gifts to certain organisations:
charities, political parties etc. If you think you need inheritance
tax advice, contact you financial advisor.
Where a person has died without
making a valid will.
A person who dies without
making a valid will.
A gift left to someone in a will.
The court’s
permission for an administrator to collect in the deceased’s
assets, pay the debts and then distribute the estate to those who
inherit under the rules of intestacy.
Legal
proof that a will is valid so that authority can be given to the executors
to deal with the estate.
The remainder
of an estate after debts, funeral expenses and tax have been paid
and all specific legacies distributed.
To legally cancel a will
You can give an
individual gift of money or personal property to any beneficiary and
the gift would be taken from your estate.
The legal term for
the person making a will. Testatrix is the feminine form of the word
so this means a woman who has made a will.
A legal arrangement to hold money
or other property for another person, for example where the beneficiary
is a child.
A person appointed to hold property
on behalf of another under a trust.
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