01829 782604Jargon Buster: Legal Terminology
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 rceives 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