Glossary of Wills, Trusts & Probate terms
Administrator
Administrator – the person entitled at law to administer your Estate if you die without a Will (that is, Intestate).
Bequest
Beneficiary – a generic term for any person who benefits under a Will.
Beneficiary
Beneficiary – a generic term for any person who benefits under a Will.
Codicil
Codicil – a formal amendment to a Will. Whilst Codicil may be used it is best practice to write a new Will to save confusion.
Devise
Devise – a gift of real or immovable property such as land, houses or flats in a Will.
Estate
Estate – everything you own at the time of your death.
Executor
Executor – the person or body responsible for collecting in the deceased’s assets, paying any taxes, and distributing the Estate in accordance with the Will. The female form is Executrix.
Guardian
Guardian – person appointed by the Will to take over such parental rights as you may have over any child of yours under 18 at your death.
Intestacy/Intestate
Intestacy/Intestate – dying without having made a Will. The law then states how your Estate is distributed. usually to close relatives.
Legacy
Legacy – gift of personal or moveable property (including cash, shares etc.) in a Will. Someone who receives a legacy is a legatee.
Letters of Administration
Letters of Administration – the application to court after someone dies without a Will to prove that the person applying is entitled to administer the Estate and perhaps take a share of it.
Probate
Probate – the application to court after someone dies to prove the Will is valid and which results in authority being granted to the Executors via a Grant of Probate after any tax due is paid.
Residuary estate
Residuary estate – everything you own at the time of your death less any legacies or devises you have made, your debts, funeral expenses and costs of winding up your Estate.
Testamentary expenses
Testamentary expenses – the legal costs of winding up your Estate.
Testator
Testator – The person making a Will (the female form is testatrix).
Trust
Trust – arrangement by which a person (the Trustee) holds legal ownership of money or property for the benefit of another person.
Trustee
Trustee – a person to whom an Estate is conveyed on trust for another.
Will
Will – a document conforming to certain legal requirements that sets out what you want to happen to your property and the rest of your Estate upon death.