Glossary
This is an explanation of just some of the terms commonly used in will-writing. For a fuller explanation, specific to your circumstances, please contact us here
| Administrator |
| If you die without making a Will the law will appoint an administrator to handle your estate. |
| Bequest
|
| A gift in your Will. This could be an object, sum of money, or part of your estate.
|
| Codicil |
| This is a separate document making a change to your existing Will. |
| Estate |
| The value of all your assets at the time of your death. |
| Executor/Executrix |
| The person or people you appoint to carry out the instructions in your Will. |
| Intestacy |
| The situation where someone has failed to leave a Will. |
| Legacy |
| A gift made through a Will. |
| Life Interest |
| Having the ability to use property, or the interest on a sum of money, for a fixed prior or for life (after which it will pass to someone else). |
| Pecuniary Legacy |
| A monetary gift in a Will. |
| Probate |
| A procedure establishing the Will is legally correct, and who the executors and administrators will be. |
| Residue |
| What remains of your estate after all your bequests have been paid, and all your debts, taxes and expenses have been settled. |
| Residuary Legacy |
| The gift of either a percentage or all of the residue of your estate. |
| Specific Legacy |
| The gift of a specific item (car, house, piece of jewellery, etc) |
| Trustee |
| The person appointed to look after anything left in a trust. |
