The terms were use in the legal professional can be confusing and their meaning
not so obvious. This section lists the common words we use in
the areas of Wills and Probate. We give you a clear definition
to help you out when navigating our wills section and when talking
to us directly.
Executor
Is the person or people who will sort out your Estate and carry out the instructions in your Will. It is wise to have at least two and you may appoint your husband / wife / partner as one. The maximum you can appoint is four.
It is important that you choose your executors carefully and check that they are prepared to take on the responsibility to avoid problems later on. Lawyers in our firm will be pleased to act as your executors, either alone or with a member of your family or a friend. You may consider that as most people instruct a solicitor to help administer their estate that the process can be completed more quickly if your solicitor can sign all the documents. Also it can sometimes prevent family arguments which can arise all too often.
Sometimes you may want to provide an alternative executor
in case one of them dies before you. This can depend upon the
status of the person you appoint.
Trustees
Are appointed by you to look after assets on behalf of beneficiaries, usually for under age children.
Estate
Your estate is made up of your house and contents, your car, jewellery, personal valuables, pension rights, life assurance policies, shares, savings, premium bonds, investments and business assets if applicable.
Beneficiaries
Are individual children, grandchildren, friends or charities you may wish to make certain gifts of cash or personal belongings to.
Intestacy
Determines who inherits your estate when you die without making a will
Guardian
If you have children and you and your partner both die before they are 18 years old you will want to appoint one or two people to act as Guardians who should be responsible for your children's welfare, maintenance and education. These can be the same people as your executors but do not have to be. The position may be different if you are a single parent. Guardianship involves a lot or responsibility and you should ask people to agree to act before appointing them.
Residue
Is anything that remains after all debts, taxes and expenses have been paid and beneficiaries have received their specific legacies. There are no restrictions upon who you leave your estate to, other than tax considerations.
Witness
You need two people over the age of 18 to witness you signing your will. They should not be beneficiaries under the will or be married to a beneficiary.
If you want to give away something particular eg. "my
engagement ring to my granddaughter", rather than general
eg "all my estate to my children" it is called a legacy.
Remember that family arguments often start over small sentimental
objects such as family jewelry. It is often important therefore
to put legacies of items which you may oe may not have promised
to certain relatives in your will.
