Jargon Buster

ADMINISTRATOR
Someone who is appointed by law to settle your affairs if you die without a Will.

BENEFICIARY
Anyone who receives from a Will.

EXECUTORS
The people who’s job it is to wind up your affairs and ensure the wishes in your Will are carried out. They can be a family member, friend or a professional such as a solicitor.

BEQUEST
A gift left in a Will – sometimes called a legacy:

LEGACY
A gift left in a Will. The various kinds are:

Specific: a gift of a definite object or property.

Pecuniary: a gift of a specific sum of money.

Residuary: a gift of all, or a percentage of, your estate left after all other legacies and expenses have been paid

Reversionary: a gift to someone for their lifetime which after their death goes to someone else.

CROWN OR TREASURY
The Government. Where your money and property go if you have not made a Will and have no next of kin.

ESTATE
The total value of everything you own at your death, less any outstanding commitments

INHERITANCE TAX
A 40% tax that could be payable on estates worth over £325,000 or £650,000 for married couples/civil partners. There are a new IHT threshold called the Residents Nil Rate Band which gives up to an extra £125,000 allowance per person..

PROBATE
The granting of probate is the first step in the legal process of administering the estate of a deceased person, resolving all claims and distributing the deceased person’s property under a will.

INTESTACY
The name for the situation which arises when someone dies without making a Will.

TESTATOR/TESTATRIX
You, the person making the Will.

TRUST
An arrangement you can make in your Will to administer part of your assets after your death.