Wills & Trusts Glossary

Administrator
A person appointed when either no Will can be found or there is no executor to carry out the intentions of the Will

Administration, Letters of
Granted by a court to administrators (usually the next of kin) to give them the authority they need to act and to administer/distribute the estate where there is no will

Assets
Anything you own that has monetary value. See also: Estate

Attorney
Someone who is appointed to act on your behalf.

Beneficial Joint Tenants
A way that two or more people own a property such that, on the death of one owner, the property automatically reverts to the other joint owners regardless of any provision in a Will. see also: Tenants in Common.

Beneficiary
A person who will benefit from something, especially a Trust or a Will.

Chargeable Gift
A gift on which Inheritance Tax may be payable.

Codicil
A document executed by a Testator subsequent to the Will, which alters, cancels, or adds to the provisions of the previously drafted Will.

Devise
A gift by Will of property

Estate
Everything you leave behind at the time of your death. Usually money or property. See also: Assets

Executor
A person appointed by you, the Testator, to carry out the terms of your Will.

Guardian
Someone appointed by the Court, and/or through provisions in a Will to be responsible for the welfare of a child under the age of 18 when both natural parents or those with parental responsibility die.

Inheritance Tax
40% Tax payable on Legacies over a certain threshold.

Intestate
To die without a Will.

Legacy
Any debts that require paying from your Estate after your death.

Life Interest
The right to enjoy for life (or until a specified time period has elapsed or an event has occurred, like someone remarrying) either money or property which will eventually revert to the orginal estate in some way on death - instructions are included in the Will as to what should happen to the gift when the life interest ends.

Moveable Property
Anything other than buildings or land

Pecuniary Legacy
A gift of money under a Will.

Potentially Exempt Transfer
A gift made during ones lifetime that is exempt from Inheritance Tax if the donor lives for seven years after making the gift.

Probate
The official process of proving that a Will is genuine through The Probate Service (part of Her Majesty's Courts Service). This is one of the Executors.

Residue
What is left of the estate after all debts, taxes, administration expenses, legacies and bequests under the will.

Reversionary Interest
Interest in trust property.

Specific Legacy
A gift of a specific object in a Will.

Tenants in Common
A way of owning part of a property (house etc.) that allows the owner to dispose of that specific portion of the property through the provisions of a Will.
see also: beneficial joint tenants

Testator (male) / Testatrix (female)
The person who has made a Will.

Trust
A legal arrangement where a person (a Trustee) is made the nominal owner of property to be held or used for the benefit of one or more others. In other words, money and property are 'held' safely by one person on behalf of another such as a child.

Trustee
An individual or member of a board given the powers of administration of property in Trust with a legal obligation to administer it solely for the purposes specified.

Variation, Deed of
An arrangement by which property is handed over to trustees to be applied for the benefit of other people known as beneficiaries.

Will
A legal document outlining how you wish your assets to be distributed after your death.

Witness
A person who is present at the signing of a document and signs it themselves to confirm this.