Will Jargon – Glossary of Terms

Testator/Testatrix

Definition: A testator is a male individual who creates a will, while a testatrix is a female individual who creates a will.

 

Executor/Executrix

Definition: An executor is a person appointed in a will to carry out the deceased person’s wishes and manage the estate. An executrix is the female counterpart.

 

Probate

Definition: The legal process of validating a will and executing its instructions. This involves proving the authenticity of the will and obtaining court approval.

 

Intestate

Definition: When a person dies without a valid will, they are said to have died intestate. The distribution of assets is then determined by the laws of intestacy.

 

Inheritance Tax (IHT)

Definition: A tax levied on the estate of a deceased person. Certain exemptions and thresholds may apply, and careful estate planning can help minimise IHT liability.

 

Guardianship

Definition: The appointment of a guardian in a will to take care of minor children in the event of the parents’ death.

 

Estate

Definition: The total property, assets, and liabilities left by a deceased person.

Codicil

Definition: A legal document used to make amendments or additions to an existing will without revoking the entire will.

 

Legacy

Definition: A gift or bequest left in a will to a specific individual, organisation, or charity.

 

Living Will

Definition: A document that outlines an individual’s wishes regarding medical treatment in case they become incapacitated and unable to communicate.

 

Residue

Definition: The remaining estate after specific gifts and bequests have been distributed.

 

Power of Attorney

Definition: A legal document that grants someone the authority to act on behalf of another person, usually in financial or legal matters.

 

Trust

Definition: A legal arrangement where assets are held by a trustee for the benefit of specific individuals or entities, often outlined in a will.

 

Letter of Wishes

Definition: A non-binding document that accompanies a will, providing additional guidance and expressing preferences but not legally binding.

 

Mirror Will

Definition: A pair of wills, typically made by spouses or partners, that are almost identical and leave everything to each other in the first instance, with contingency plans for other beneficiaries.

 

Testamentary Trust

Definition: A trust established in a will that comes into effect upon the death of the testator.

 

Per Stirpes

Definition: A method of distributing an estate where each branch of the family receives an equal share, with the share of a deceased beneficiary passing to their descendants.

 

Attestation Clause

Definition: A statement at the end of a will confirming that the document was executed in accordance with legal requirements.

 

Digital Assets

Definition: Online accounts, files, and other digital possessions that may need to be addressed in a will, such as social media accounts, email, and cryptocurrencies.

 

Advance Directive

Definition: A legal document that specifies an individual’s preferences for medical treatment and care, including end-of-life decisions.