Glossary
Here’s an explanation of some common words used when discussing WIlls and Probate.
Administrator – Someone who deals with an estate if no Will has been made.
Beneficiary – Someone who benefits from a Will.
Codicil – A subsequent addition to the Will.
Devise – A gift of land or property
Discretionary Trust – A trust which appoints a number of beneficiaries and enables another group of people (called trustees) to have discretion over when and if any of the trust is paid to any of the beneficiaries
Executor(s) – One or more people who deal with an estate if a Will has been made
Guardian – Someone who looks after children until they become eighteen
Intestacy – The rules which dictate who inherits if someone does not leave a Will
Legacy – A specific gift of a sum of money
Life Interest Trust – A trust which enables a person to benefit from trust assets during their lifetime without actually owning them, which are then passed on to other beneficiaries when that person dies, or some other stipulated event occurs.
Probate – the procedure under which an administrator (if there is no Will) or executor(s) (if there is a Will) are confirmed
Specific Gift – A specific gift of an item or collection of items
Residue – The estate which is left after debts, taxes, gifts and legacies have been made
Testator – The person who is making the Will. The female is testatrix
Trust – A mechanism where assets are appointed to be used in a defined way
Trustee(s) – One or more people who manage a trust