LEGAL TERMINOLOGY FOR WILLS AND ESTATES?


Adrian Chambers - Law For LifeHello, My name is Adrian Chambers and I’m a solicitor with Law for Life. Welcome to our web pages relating to Wills. Making a will is one of those things that we know we should do but rarely get around to actually sorting out. We can help you make the will you want, using our on-line documents, quickly, easily and at low cost.

If you need legal help and advice about making a will then please call us on 0800 3 10 11 12 for a FREE NO OBLIGATION CHAT and we can arrange for one of our specialist solicitors to help and sort it all out for you.

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CAN YOU EXPLAIN THE LEGAL TERMINOLOGY FOR WILLS AND ESTATES?


 

Welcome to our Law for Life web pages on wills. Here we explain the most common terminology used when making a will. If you need legal help and advice about making your will or related legal matter then

PLEASE CALL US NOW

on 0800 3 10 11 12

for a FREE NO OBLIGATION CHAT

TERMINOLOGY


ADMINISTRATOR

The person appointed by law to carry out the administration of an estate.

ASSET

Any property or belonging owned by the testator.

BENEFICIARY

A person or organisation that will receive a gift in your will.

BEQUEST

A gift left to a person or organisation in your will.

CHATTELS

Belongings such as furniture, car, etc.

CODICIL

An addition or change to your existing will.

DEBTS AND LIABILITIES

Monies owed or outstanding (e.g. tax, last gas and electricity bills, hire purchase arrangements).

DISCRETIONARY TRUST”

Where property is left in a will to trustees whose discretion it is to decide who should receive it.

DOMICILED

Domicile of origin – where a person is born. Domicile of choice – where a person chooses to permanently live.

ESTATE

All your possessions, property and money. In other words, everything you leave behind.

EXECUTOR(S)

The person, people or organisation(s) named in your will to ensure its instructions are carried out.

GUARDIANS

Those people appointed by the will to look after any children under the age of eighteen when we die.

INTESTATE

Dying without leaving a will.

JOINT TENANTS

Not to be confused with the normal meaning of the word “tenants”. Both owners of property own all of the property and the surviving owner will become the sole owner due to the “principle of survivorship”.

LEGACY

Another word for ‘bequest’ (see above).

LIFE INTEREST

The right to receive the income or enjoy the benefit from property or capital sum (but not the capital sum itself) for life.

PECUNIARY LEGACY

The gift of a sum of money.

PROBATE

The legal procedure to establish that a will is genuine and valid, and provides evidence and authority to the executors to carry out the terms of the will.

RESIDUARY LEGACY

A gift of what is left over from your estate when all other obligations have been met.

RESIDUE

What’s left of your estate after all debts and expenses have been deducted, and all bequests have been paid.

RULES OF INTESTACY

These are the rules laid down by an Act of Parliament which decide what happens to someone’s estate when they die without having made a will.

SEVERANCE OF TENANCY

The process of changing ownership from joint tenants to tenants in common. SPECIFIC LEGACY

A gift of a particular named item in your will (such as a piece of jewellery).

TAX FREE THRESHOLD

This is the amount of assets (money, property etc) that can be given away before any tax is payable. This figure is review and revised in the budget. Sometimes referred to as the Nil-Rate Sum or Nil Rate Allowance.

TENANTS IN COMMON

Ownership of property where each co-owner owns an individual share and is free to dispose of that share as he or she wishes

TERM INTEREST

As for life interest but restricted to a number of years or until some event (e.g. marriage) takes place.

TRUSTEE

The person or people who are responsible for “looking after” a share of the estate for someone who is under a specified age at which time they can inherit – or¬ in some instances, where a share of the estate is being taken care of for them, for special reasons such as a trust for a disabled beneficiary.

HOW WE CAN HELP YOU

We can offer you the following:

LOW FIXED FEES – We offer genuine low fixed fees to make a will which are often lower than other solicitors or companies, and represent outstanding value for money. We will always try and say in advance how much our costs will be and you will then have the reassurance of knowing there will not be any hidden surprises.

SPECIALIST SOLICITORS – We have high levels of experience and expertise and have helped many thousands of people successfully make a will for nearly 30 years. We are a real firm of solicitors with real people. We are a genuine firm of specialist solicitors, rather than some non-solicitor company or organization that you might see many on the Internet.

CARING SYMPATHETIC ADVICE – We care about you and aim to offer a friendly, approachable and caring professional service. We use plain english and not legal jargon. We will do everything we reasonably can to make sure your will is completed out as quickly as possible.

DISTANCE NO PROBLEM – We act for clients across the UK. We will regularly keep you informed of the progress being made with your will. We can communicate to you either on the phone but if you prefer we can communicate face to face on Skype.