Wills & Trusts Glossary Of Terms

Wills & Trusts Glossary Of Terms

Wills & Trusts Glossary Of Terms

In 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 occurred 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.

Fully Comprehensive Will Writing Service

This service is aimed at people who would like the reassurance that their will has been reviewed by one of our legal professionals. It is nearer to the traditional Will Writing process that people may be more familiar with.

Under this service you will be able to access our will writing software for up to 48 hours immediately after you have made your purchase.

During this period you are able to make small changes to your Will. At the end of this 48 hour period your Will is "frozen". Our team of legal professionals will then review your Will via our online system.

If there is any part of the Will which causes them concern, they will contact you to discuss your wishes. They will then provide you with a draft Will which you access by returning to the Will Writing website.

When you are required to review your draft will and make sure it accurately reflects your wishes. At this point you also have a further opportunity to let us know of any last minutes changes that we need to make.

Once you have approved your draft Will; our team will print and bind the approved version. Your bound Will, a copy and the easy to follow signing guide will all be sent to you in the post. You are then responsible for ensuring your Will is signed and witnessed correctly.

Each of our will writing services is offered in both single and mirror will options.

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.

Professional Print Service

This service offers the benefit of having your Will professionally printed and bound in a "tamper proof" fastening. It is suitable for people who want to write a simple Will but would like to receive a Will document which feels robust and will resist the rigours and accidental damage that storage can sometimes have on a document.

Under this service you will be able to access our Will writing software for up to 48 hours immediately after you have made your purchase. During this period you are able to make small changes to your Will. At the end of the 48 hour period your Will is "frozen" and our team will print and bind this frozen version. Your bound Will, a copy and the easy to follow signing guide will all be sent to you in the post. You are then responsible for ensuring your Will is signed and witnessed correctly.

This service DOES NOT include any legal advice and your Will will not be reviewed by a legal professional.

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.