Will Writing, Probate Service, Tax Planning & Trusts
Glossary of Terms

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A

B
Beneficiary                
A person who is entitled to receive a gift under a Will

Bequest                     
A gift of property or money

C
Chattels         
Personal property including furniture and moveable goods but excluding freehold land

Codicil           
A document signed the same way as a Will, which amends an existing Will

D

E
Estate
Everything a person owns when they die

Executor        
A person who is appointed to administer an estate   

Execution of a Will
Where a Will is signed and witnessed

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F

G
Guardian       
A person who is appointed to look after children under the age of eighteen

H

I
Inheritance Tax         
A tax that is levied on a person's estate which is valued over the Nil Rate Band

Intestate        
A person who has died without making a valid Will 

J
Joint tenant  
If property is owned jointly as joint tenants, then on the death of one joint tenant, the property will automatically pass to the surviving joint tenant 

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K

L
Legacy           
A gift of property or money

M

N
Nil Rate Band
A figure set by the government which is the amount that an individual may leave to his or her beneficiaries free of tax

O

P

Q

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R
Residuary Estate      
This is the balance of an estate after all debts, taxes and specific legacies have been paid. It is shared out according to the terms of the Will or intestacy rules (if there is no Will)

S

T
Tenants in common 
If property is owned jointly as tenants in common, each co-owner has a defined share in the property which on their death, will pass in accordance with their Will or intestacy rules.  It does not pass automatically to the surviving co-owner

Testator / Testatrix               
The person making a Will or Codicil

Trust  
This is an arrangement under which property is held by named people for the benefit of someone else

Trustee                                  
A person who holds property for the benefit of someone else

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U

V

W
Will     
The document by which a testator gives instructions for the disposal of his estate on his death

XYZ

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