Will writing jargon explained
Making a Will can be a daunting prospect for many people, due to the amount of confusing legal jargon or ‘legalese’. This article aims to explain, in layman’s terms, some of the terms involved in the process of making a Will.
Administrator – If you don’t make a Will,an administrator has to be appointed to manage your estate and settle your affairs.
Beneficiaries – beneficiaries are anyone who stands to benefit from a Will.
Codicil – Codicils are amendments made to your will. These are not very common these days, as most people find that it is as easy and cost-effective to simply to make a new Will.
Crown – The Crown, or Treasury as it is also known, refers to the Government. If you do not make a Will and you have no surviving relatives then your estate could go to the Crown.
Estate – The sum total of everything you own at the time of your death, less any reduction in the form of outstanding debts, funeral or testamentery expenses.
Intestacy – Intestacy is the term used for an individual who dies without making a Will. In this instance, the family of the deceased will have to go through a process of obtaining letters of administration, to apply for the right to claim the proceeds of the estate.
Legacy – Your legacy is what you leave behind in your Will. This comes in several different forms, including:
- Specific legacy – This refers to a specific object or item.
- Pecuniary legacy – A gift of a sum of money.
- Residual legacy – A gift of money, which is only payable once other expenses have been paid.
- Life interest – This makes provisions for a beneficiary for the remainder of their life. When they pass on, any remainder of any gift will be distributed n accordance with other provision in the Will such as other beneficiaries.
- Conditional Interest - This is dependent on a certain criteria being met, for example, many people leave money in trust funds, which become available when the beneficiary reaches a certain age.
Probate – This is the legal process which establishes whether or not a Will is valid. If it is proved that the will is not legally binding, an administrator is appointed to take control of the estate of the deceased.
Will Executor – when making a Will, you will appoint one or more Will executors. These are the people charged with managing your estate.
Witnesses – For a Will to be legally binding, its signing must be watched by two witnesses. The witnesses should also watch each other sign the Will. Witnesses can be anyone, except beneficiaries of the will or their spouses.
Trust – A trust is an arrangement, which involves money being placed in the hands of an appropriate individual, a trustee, who will look after it on behalf of the beneficiary.
Trustee – A trustee is someone who has been appointed to look after assets on behalf of a beneficiary until they reach an appropriate age to manage it themselves.
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