Common Terminology in a Will
When making a Will you will come across some terminology you may not be familiar with. It may be a good idea that before making a Will you research making a Will first so that you can familiarise yourself with some of the terminology used and gain a basic understand of their meanings which will make the task of creating the legal document easier.
Estate – This refers to the assets and liabilities of the person who has died
Beneficiary - A beneficiary is a person, charity or organisation who receive some kind of inheritance from your estate
Executor - An executor is the person who deals with administering your estate when you die – they will close bank accounts, sell property, encash assets, pay off debts and distribute the estate in accordance with your wishes in your Will
Guardian - A guardian is the person who looks after your child whilst they are under the age of 18.
Testator - The person making a Will
Legacy - A legacy is a specific gift left within the Will to an organisation or individuals. There are different types of legacy
Pecuniary legacy - A gift of cash
Specific legacy - This is a gift of an object, for example a gift of a property, shares, personal belongings etc.
If you are interested in making a Will or would like to know more about how to make one, please contact Lauren Smith – Partner and Head of Wills, Trusts and Probate on 0114 272 1884 or email firstname.lastname@example.org