Are you put off by some of the daunting legal terms involved in the Will making process? We have put together some of the most common terms used and a simple explanation of what they mean.
Someone who is appointed by law to settle your affairs if you die without a Will.
The people whose job it is to wind up your affairs and ensure the wishes in your Will are carried out. They can be a family member, friend or a professional such as a solicitor.
Anyone who receives from a Will.
A gift left in a Will – sometimes called a legacy.
A gift left in a Will. The various kinds are:
Specific: a gift of a definite object or property.
Pecuniary: a gift of a specific sum of money.
Residuary: a gift of all, or a percentage of, your estate left after all other legacies and expenses have been paid
Reversionary: a gift to someone for their lifetime which after their death goes to someone else
The Government. Where your money and property go if you have not made a Will and have no next of kin.
The total value of everything you own at your death, less any outstanding commitments.
A 40% tax that could be payable on estates worth over £325,000 or £650,000 for married couples/civil partners. There are some new IHT rules being phased in over the next few years which could increase this banding in certain circumstances.
The granting of probate is the first step in the legal process of administering the estate of a deceased person, resolving all claims and distributing the deceased person’s property under a will.
The name for the situation which arises when someone dies without making a Will.
You, the person making the Will.
An arrangement you can make in your Will to administer part of your assets after your death.
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