Jargon Buster
Administrator:
A person appointed by the courts to settle your affairs when there is no Will in place at the date of your death.
Advanced Directive:
A document which expresses your wishes concerning life sustaining medical treatment you wish or don’t wish to receive. Often referred to as “Living Wills”.
Attorney:
A person appointed by you to handle your affairs if you can no longer do so yourself:
Beneficiary:
A person who receives from your Will.
Chattels:
Objects which you own. For example pieces of jewellery or a set of golf clubs.
Codicil:
An addition to an existing Will.
Cohabitee:
Somebody who lives with you but is not married to you.
Dependant:
Somebody being financially maintained by you.
Deputy:
A person appointed by the courts to handle your affairs if you can no longer do so.
Estate:
Everything you own at the date of your death minus liabilities.
Executor (male) / Executrix (female):
A person named in your Will to settle your affairs on your death.
Funeral arrangements:
Expressions of wishes contained in your Will such as preferences for burial or cremation, order of service, donations to charity rather than flowers etc.
Guardian:
A person appointed by you to be responsible for your children after your death whilst they are still below eighteen.
Inheritance tax:
A tax on your estate payable on your death. Please contact us for specific up to date details of current tax rates and allowances.
Intestacy:
Dying without a valid Will in place.
Lasting Power of Attorney:
A document which enables you to appoint people to handle your affairs when you can no longer do so but are still living.
Legacy:
A gift in a Will.
Liabilities:
Debts owed by you or your estate which are settled before your estate is distributed.
Living Will:
A document which expresses your wishes concerning life sustaining medical treatment you wish or don’t wish to receive. Also known as “Advanced Directives”.
Minor:
A person mentioned in a Will who is under the age of eighteen.
Next of Kin:
The person or persons deemed by law to be your closest relatives. These may not be the people you wish to receive your estate via your Will.
Nil Rate Band:
The allowance which all estates are given before the payment of Inheritance Tax. Please contact us for advice on current NRB allowances.
Office of The Public Guardian:
The organisation which deals with all applications for Lasting Powers of Attorney.
Personal Representative:
A person appointed to handle your affairs after your death. This may be an Executor (where there was a Will) or an Administrator (where there wasn’t a Will).
Probate:
The legal process of confirming a Will is valid after your death.
Statutory Laws of Succession:
A set of rules which establish who will inherit your estate if there is no Will in place.
Testamentary Capacity:
The necessary level of understanding required by law for a person to make a valid Will. This is a very sensitive area, particularly where the elderly and vulnerable are concerned. Please contact us for specific advice.
Testator (male) / Testatrix (female):
A person who is making their Will.
Trust:
An asset being administered by one person on behalf of another person.
Trustee:
A person appointed to administer an asset on behalf of another person.
Will.
A document which outlines how you wish your affairs to be settled on death.
Witness:
A person present when you sign your Will. There must be two independent witnesses present for a Will to be valid.
