Will jargon explained - we cut through the confusion

Writing a Will is an extremely important part of planning for your family’s future. One of the reasons why many people are put off making a Will, is that the often archaic and complex legal jargon (much of which is hundreds of years old) can make the whole process seem intimidating and confusing.

 

In order to help you make your Will, we’ve pulled together some of the most commonly used words and phrases you’ll come across and translated them into plain, simple, easy-to-understand English.

 

Assets: these are the items that you own, including your property and any investments.

 

Beneficiaries: these are the people or organisations who you will leave something to in your Will i.e. someone who benefits from your Will.

 

Bequest: this is a gift that you leave to someone (or an organisation) in your Will. This can also be called a legacy.

 

Codicil: a document that amends your Will i.e. an update to your Will. So as to avoid confusion in the future, many people now opt to rewrite their Will, rather than writing a codicil to update an old one.

 

Dependents: these are the people who are dependent on you for financial support or care. For example, this could be an elderly relative or a child.

 

Estate: this is the entirety of your assets i.e. everything you own

 

Executor/s: this is the person/people you nominate in your Will to administer your estate. It’s a good idea to choose two executors in case one of them should die before your death (up to four executors can act at a time). Executors can also be beneficiaries of a Will.

 

Guardian/s: these are the people you appoint to look after your children in the event of your death.

 

Inheritance tax: this is the tax that is paid on the part of your estate that is above the nil-rate band.

 

Intestate: when someone dies without a Will, they are described as dying ‘intestate’. In this instance, the rules of intestacy will determine who can inherit the estate.

 

Residuary beneficiary: this is the beneficiary who will get the residue i.e. what is left of your estate once everything else has been taken care of. The residuary beneficiary may not get anything if there is nothing left.

 

Testator/testatrix: this is the male/female who has made the Will.

 

Trust: a type of legal structure which can be used to pass control of an asset/assets to be managed by nominated people (known as trustees) for the benefit of your beneficiaries.

 

Making a Will with LegalPath 

Here at LegalPath, we’ve made writing your Will simple, with our selection of Last Will & Testament DIY Kits. If you have any questions about any of our DIY kits, get in touch with one of our team.