Glossary Burnt Oak

What do terms mean?

Here we explain the terms used in will writing without jargon so you can easily understand everything.

Here Is Our Glossary Burnt Oak

Creating a Will  requires familiarity with various legal terminologies. Understanding the meanings of common terms can greatly assist you in navigating through the essential Will-making process. Our team of experts is here to provide you with unique and engaging content, tailored to your needs.

Administrator

This is somebody who manages the financial affairs of the deceased where there is no Will.

Normally the administrator is someone who is the next of kin.

Asset

This can be anything you own that is of value. This can include property.

Beneficiary/Beneficiaries

Those who have been left money or other benefits in a Will.

Bequest

A gift made in a Will to an individual or body.

Children

The children of the deceased. This means illegitimate and adopted children but not stepchildren unless the Will includes provision for them.

Codicil

This is a legal document that alters or adds to an existing Will and therefore needs to be kept with it. Like a Will Burnt Oak, it also has to be witnessed.

Executor

Whether it’s an individual or an organization, such as a bank or solicitor, the deceased has specifically chosen them in their Will to handle their financial matters. Rest assured, their fiduciary duties have been entrusted to capable hands.
 

Grant of Probate:

This is the authority from the Court for the Executor to manage the financial affairs of the deceased.
 

Guardian

The option to appoint a guardian in one’s Will enables the deceased to make vital arrangements for their children. The appointed guardian assumes the responsibility of managing and caring for the affairs of the deceased’s children. This provision ensures the well-being and future of the children in a thoughtful and personalized manner.
 

Inheritance Tax

This involves paying tax on the value of an estate that is above a particular threshold.
 

Intestacy

If the deceased dies without making a will then he or she are said to have died intestate. This means that allocation of the estate is done according to an agreed set of rules.
 

Legacy

This is a person or organisation to whom you leave a gift in your Will Burnt Oak.
 

Letters of administration:

These are official documents from the court which confirm the person’s appointment as the administrator of the estate.
 

Life Interest:

This is a gift that allows a person or persons to receive either the income from an asset or the right to stay in a property for the duration of their life.
 

Personal Chattels

Unlike money or property, these are the personal effects of the deceased.
 

Probate

This is the legal process that needs to be followed after someone dies to ensure that the Will is valid. It gives the executors the power to deal with the estate.
 

Probate Registry Burnt Oak:

This is a part of the Courts service that looks after the Wills and estates of those who have died.
 

Property

Anything which the deceased owned.
 

Residue

After all the debts, specific bequests and legacies have been paid this is what is left of the estate to be shared out.
 

Schedule

This is a list of all of the assets included in a trust or Will.
 

Testator

This is the person who has made the Will.
 

Trust

This is an arrangement that allows trustees to own and manage property on behalf of someone else.
 

Will

This is a legal document that defines what the deceased wants to happen to their estate after they die.
Witnesses
These are two people who are independent and do not benefit from the Will. Their role is to sign the Will to confirm that they have seen the Testator signing it.

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