Glossary of Terms

Administrators
When a person dies Intestate (without a Will) the administrators take on the legal work of managing the Estate. They are usually the nearest relative or main beneficiary.

Age
The Will Act 1837 section 7 states that a testator must be over 18 years or over except if they are married or are on active Service.

Animals
A gift to look after a pet can be no longer than 21 years. Pets are considered as Chattels i.e. you cannot leave money or gifts to your pet. There are however ways of ensuring the pet is cared for after your death.

Attestation
The Witnessing and signing of a Will

Beneficiaries
A person or organisation who receives some benefit from a Will.

Bequest
A gift left in a Will

Blind Person
A blind person can write a Will, the Will is signed on there behalf . They cannot Witness a Will .

Challenging a Will
A court can overrule a Will if it is felt that a Will or Intestate has not made adequate provision for a dependant.

Charitable gifts
Monetary or other gifts to charity are free of Inheritance Tax.

Chattels
Movable Belongings and defined in the Administration of Estates Act 1925. This excludes money and items used for business purposes.

Codicil
A codicil is an addition to a Will, it needs to be signed and witnessed in exactly the same way as a Will. It is normally recommended that the Will be rewritten to ensure no misunderstandings or clashes appear which would cause a partial intestate.

Deeds of Variation
The Inheritance Tax Act 1984 section 142 allows the variation of a Will as long as the beneficiaries of the Estate agree the provisions of the Will within a period of two years, so the property may pass to them in a more tax efficient manner.

Divorce
Marriage revokes a Will unless specifically stating otherwise. Divorce is dealt with differently. The Former spouse as an executor is omitted and any gift will fail.

Domicile The Permanent home of the Testator.

Executor
A person who carries out a Will. A professional executor such as a back or solicitor usually charges around £5000 for carrying out this role, usually a relative or a friend can carry out the responsibilities at little or no cost.
The executor can also be a beneficiary.

Guardian
A Guardian can ONLY be appointed by a Will, Deed or court (Guardianship of Infants Act 1886). More than one person can act as a guardian. Their role is to make decisions that the parents would normally make if they had survived. The consent of the appointee should be made before writing the Will.

Inheritance tax
See additional notes under IHT and Community Care Act.

Legacies
Gifts made in the Will.

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

Testator/Testatrix
The person (male/female) who makes the Will.

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

This can be used to allow a partner to live in a house until they die etc but be for the benefit of a child. Often used to maximise Inheritance tax between husband and wife. Can be used to set aside funding for education for a minor.

Trustee
The person who holds property on behalf of another person and is responsible for administering the trust assets.


Will
A form of instructions as to how someone wishes to dispose of their assets on death.

Top>>

Home