Jargon Buster

 

Sometimes Legal terminology can be a bit confusing. We have put together a short guide of commonly used words often found in Wills and Trusts.

Administrator
to collect the assets, pay all debts owed from the estate and distribute the rest to the beneficiaries

Assets
house(s), land, stocks, shares, money and any other benefit belonging to you when you die

Beneficiary
a person or organisation which receives a gift from the estate

Bequest
a gift, sometimes called a benefit

Estate
the total assets you own when you die

Execute
to carry out the legal procedures to make a will valid under the law

Executor
a person you choose to administer your estate (sometimes called an Executrix when this is a woman)

Legacy
a gift of money

Probate
legal proof that a will is valid, giving authority to administer the estate
Residue
the remainder of the estate after debts, legacies, funeral and other expenses have been deducted

Revoke
to cancel legally

Specific Legacy
a gift of particular property, such as a house, furniture or a car

Spouse
the person to whom you are legally married

Survive
to be alive after the death of the will-maker

Testamentary expenses
the expenses of executors

Testator
a man who makes a will

Testatrix
a woman who makes a will

Trust
a legal arrangement to hold money or property for someone else, usually a child