Wills & trusts glossary of terms
Wills and trusts terms
n this section we have tried to keep legal terms to a minimum, however, it is necessary for the sake of clarity and to avoid ambiguities that certain legal phrases are used in relation to Wills. It is unavoidable, therefore, that you will encounter some unfamiliar words and expressions, so to make things clearer, there follows a brief explanation of some of the most important terms you are likely to come across.
Administrators
People appointed to sort out your affairs according to the law when a Will has not been made.
Beneficiary
An individual or organisation that is to receive something from your Will.
Codicil
A change or addition made to an existing Will.
Chattels and Movables
Your furniture, car and personal possessions.
Domicile
You are domiciled in the country of your birth or the country of birth of your parents unless you have given up your original domicile by living permanently in another country and have broken all ties with your original country of domicile. If this has occured you may acquire the domicile of the country in which you now live.
Estate
Everything you own at the time of your death.
Executor/s
The person or persons appointed by you to look after your affairs and make sure the wishes expressed in your Will are carried out.
Intestate and Intestacy
If you die without having made a valid Will, the Law declares you to be intestate and decides how your possessions should be shared out. Intestacy is the name for this situation.
Legacy
A specific item or sum of money left in a Will.
Probate
The legal procedure to establish Executors who will administer your Estate.
Residue
The sum that is left from your Estate when all debts, costs and gifts have been deducted.
Settlor
A person who places assets into a trust.
Testator or Testatrix
The person making the Will i.e. you if it is your Will.
Trustee
The word for an Executor who has to look after any part of your Estate that is subject to continuing Trust.