A Will & Testament is a Legal document.
Therefore, some of the contents of the Will & Testament are specifically phrased and do have to be used. Get to know what the ‘jargon’ in your Will and Testament means below.
An intestacy is when somebody has not made a Will & Testament or for some reason, not all of their Will & Testament is valid. If this is the case when somebody dies, the way that the Estate is handled may not be as the deceased had intended, and property passes to a specific line of people which may conflict the intentions of the deceased.
Absolute Absolute refers to a gift being given entirely. Giving a gift absolutely is the giving of a capital amount and not a life interest or income of investment
Ademption The failure of a gift due to said gift no longer being owned by the testator
Administrator People appointed under the rules of intestacy to realise the assets, pay any debts, and then distribute residual funds to beneficiaries
Advancement The act of paying capital to a beneficiary before they reach the age of 18
Affidavit A sworn statement of fact which is admissible in Court as evidence.
Beneficiary People who inherit something from the deceased
Chattel Tangible, movable property other than money, business assets or assets held solely as an investment
Civil Partner A Same-Sex couple registered under Civil Partnership Act 2004
Codicil A legally binding document which explains, modifies or revokes part or all of a Will
Deceased A person who has died
Declaration A statement or announcement which is formal and explicit
Dependant A person who relies upon another for financial support
Devise The gift of land
Estate The money and possessions owned by the person who has died
Executor People appointed by the testator of a Will to realise the assets, pay any debts and then distribute residual funds to beneficiaries
Grant A Court Order issued by the Probate Registry authorising the distribution of the Estate to the beneficiaries
Grant of Letters of Administration A grant obtained when a person dies without a Will
Grant of Letters of Administration with Will Annexed A grant obtained when a person dies with a Will but there is no surviving executor, or that executor does not take out the grant
Grant of Probate A grant obtained when there is a Will and at least one surviving executor who takes out the grant
Guardian The legal caretaker of a minor
Intestacy The death of somebody who has not made a valid Will
Investment The act of placing a capital amount into an account or scheme for the purpose of profit
Issue Direct descendants, including adopted children
Joint Property Property, both real and personal, owned in partnership with another person. Property is usually jointly owned as joint tenants whereby the survivor of the two will inherit automatically by the rule of survivorship. However, property can also be held as tenants in common whereby the share of the deceased will pass under the terms of the Will or intestacy rules
Lapse The failure of a gift due to the beneficiary not surviving the testator
Life Interest The entitlement to the income of a gift and not the gift itself
Maintenance The act of paying income to a beneficiary before they reach the age of 18
Net Estate Remainder of the estate after all debts and bills have been paid.
Personal Representatives An executor or an administrator to an estate
Revoke To cancel or invalidate the use of something
Testator / Testatrix A person who makes a Will. Testator is masculine and Testatrix is feminine
Trustee Legal owners of the assets but with the responsibility of holding such assets for the benefit of another
Please don’t leave estate planning to the last minute - Will & Tess will help you understand your way round making a brand new will, which will give you peace of mind so you know your loved ones are protected from the financial impact of a life-changing event.