Asset: Anything of value that you own.
Bequest: A gift left to a person, or charity in a Will.
Codicil: A legal document altering or adding to an existing Will. It must be witnessed in its own right and kept with your Will.
Executor: The person, or persons (such as a solicitor) appointed in a Will to deal with the financial affairs of the deceased.
Grant of Probate: The Court's authority for the Executors to deal with the deceased's estate. This is issued by the Probate Registry.
Intestate: This is the term given to dying without a Will
Lasting Power of Attorney: A document, separate from the Will, which allows a person to appoint people to manage their financial affairs while they are still alive but unable to manage.
Legacy: A gift left to a person or charity in your Will.
Mirror Will: A set of two Will documents that are similar in content. Such documents are normally written for 'couples'.
Property Trust: This protects the property should one of the owners die. The half of the property the deceased person owned is passed to a Trust instead of the surviving partner. This will protect it should the surviving partner remarry or require residential care in the future.
Trustees: The person or persons that look after anything in the Trust before passing the assets to the beneficiaries at the appropriate time.
Testator: The owner of the Will.
Storage: Your Will is a legal document. It is important that it does not get marked, torn or damaged in any way, otherwise it will become void. It is strongly recommended that it is placed into storage after signing. This allows it to be returned when required, and protects it from fire, theft and flood damage.
Witnesses: Two independent people are required to sign the Will stating that they have observed the Testator signing it. The witnesses must not be benefiting from the Will or be married to (or be in a civil partnership with) anyone benefiting from the Will.
Elsby Wills UK
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