Making a Will PDF Print E-mail
Article Index
Making a Will
If you have a Will
If you have no Will
Tax and your Estate
When to change your Will
What we do
Conclusion
Appendix

APPENDIX: SOME USEFUL DEFINITIONS

Administrator

~

Person legally appointed to settle affairs where there is no Will.

Chattels

~

Personal possessions such as car furniture, jewellery.

Codicil

~

Document making valid alteration/addition to a Will.

Estate

~

The total of your possessions (money. Property, chattels etc) when you die.

Executor

~

Person appointed by you in your Will to carry out your wishes.

Intestacy

~

Where a person dies without leaving a valid Will.

Issue

~

Children, grandchildren, great grandchildren etc

Legacy

~

A specified gift left in a Will.

Partial Intestacy

~

Where a Will does not cover the whole estate.

Probate

~

Proper legal procedure to ensure that a Will is valid.

Residue

~

What is left after all specific gifts in the Will have been met and taxes and debts paid.

Testator/Testatrix

~

Name given to man/woman who has made a Will after he/she has died.

Trust

~

When assets are left with Trustees who administer them for the good of beneficiaries.



 
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Newsflash

At last some good news from the Treasury concerning inheritance tax. However, despite the press headlines, the changes announced by the chancellor, Mr Darling, are more about the operation of the allowances than increasing them.
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© 2008 Caroline Coats, Solicitor for the Elderly
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