A Will uses a number of different legal terms – below is an explanation of some of the common ones used:

 

 

 

Administrator – Someone who deals with an estate if no Will has been made.

Beneficiary – Someone who benefits from a Will.

Codicil – A subsequent addition to the Will.

Devise – A gift of land or property

Discretionary Trust – A trust which appoints a number of beneficiaries and enables another group of people (called trustees) to have discretion over when and if any of the trust is paid to any of the beneficiaries

Executor(s) – One or more people who deal with an estate if a Will has been made

Guardian – Someone who looks after children until they become eighteen

Intestacy – The rules which dictate who inherits if someone does not leave a Will

Legacy – A specific gift of a sum of money

Life Interest Trust – A trust which enables a person to benefit from trust assets during their lifetime without actually owning them, which are then passed on to other beneficiaries when that person dies, or some other stipulated event occurs.

Probate – the procedure under which an administrator (if there is no Will) or executor(s) (if there is a Will) are confirmed

Specific Gift – A specific gift of an item or collection of items

Residue – The estate which is left after debts, taxes, gifts and legacies have been made

Testator – The person who is making the Will. The female is testatrix

Trust – A mechanism where assets are appointed to be used in a defined way

Trustee(s) – One or more people who manage a trust