Legal Glossary

Here is a short glossary of the legal terms you might find useful when making your Will.

An administrator is someone who is appointed by law to settle your affairs if you die with no Will.
A beneficiary is anyone who receives something from a Will.
A bequest (legacy) is a gift left in a Will. It can be:
- Residuary: a gift of money or assets left when other legacies and expenses have been paid – normally expressed as a part or percentage of the residue of your estate.
- Pecuniary: a gift of a particular sum of money.
- Specific: a defined object or property.
A codicil is an addition or amendment to an existing Will.
Your estate is the total value of everything your own at your death, less any outstanding commitments.
An executor/executrix is the person or people you choose to make your Will happen. They can be a relative, a friend or us the Solicitors.
Guardians are the people chosen by parents to look after their children in the event of the death.
Intestacy is the name for the situation that arises when someone dies without making a Will.
Inheritance tax is a 40 per cent tax deducted from estates with a value of more than £325k. Money left to your spouse or a charity is not taxed. If your spouse predeceases your and did not use up their full inheritance-tax-allowance, this will be added to your own at a rate prevailing at your death.
Probate is the legal process to establish whether you Will is valid. If not, an administrator is appointed.
A testator/testatrix is a person making a Will.
A trust is an arrangement you can make in your Will to administer part of your assets after your death