Administrator
A person appointed when either no Will can be found or there is no executor to carry out the intentions of the Will.
Assets
Generally everything that you own.
Beneficiary
Someone who will inherit from the Will, a trust or under the intestacy laws.
Bequest
A gift left in a Will.
Chargeable gift
A gift on which Inheritance Tax may be payable.
Codicil
A document executed by a testator subsequent to the Will which alters, cancels or adds to the provisions of the previously drafted Will.
Devise
A gift by Will of freehold property.
Estate
The total value of everything you own at your death, less any outstanding commitments.
Executor
A person appointed in the Will to administer the estate.
Guardian
Someone appointed to look after the interests of a child under the age of 18.
Inheritance Tax
Tax payable on the transfer of assets either during an individual's lifetime or on his or her death.
Intestacy
The name for the situation that arises when someone dies without making a Will.
Legacy
A gift of a specific item left in a Will, apart from land.
Potentially Exempt Transfer (PET)
A gift made during ones lifetime that is exempt from Inheritance Tax if the donor lives for seven years after making the gift.
Probate, Grant of
The document which confirms to executors that they have authority to act, and which validates the Will.
Residue
What is left of the estate after the payment of all debts, taxes, administration expenses, legacies and bequests under the Will.
Testator
The person 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.
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.
Witness:
Two witnesses must see you sign your Will and you must also watch both of them sign it. They must also watch each other sign the Will. No beneficiary (or their spouse) should sign the Will; if they do, any gift to them or their spouse will be invalid and will fail.
