Legal Glossary of Terms

Terminology

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Will and estate planning

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Before we consider the benefits of making a Will, you may find the following table useful to help you understand some words that are frequently used in Will drafting. These include:

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Attorneys - People you choose to make decisions for you through a Power of Attorney during your lifetime for property, finance or healthcare matters

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Beneficiary - This is a person who stands to benefit from your Will

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Estate - All of your assets (the property you own or have a right to) and possessions whether on your own or with someone else, as well as any debts or liabilities you have (for example, credit card debt or a mortgage) (the liabilities will reduce the value of the assets to leave a ‘net’ estate)

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Executors - These are the people who will collect and look after your estate (i.e. establish what assets you have and ensure liabilities are settled), pay any inheritance tax and distribute your estate according to the terms of your Will)

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Guardians - Those people appointed to care and provide for your children after your lifetime

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Intestate or intestacy - Dying without a valid Will in place, with the result that intestacy law (i.e. a set of prescriptive rules) will determine who gets what from your estate.

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Inheritance tax - A tax which is due on the estate of someone who has died, depending on the value of all their assets including property, possessions and money

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Mirror Wills - Identical Wills that a couple make, leaving everything to each other.

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Power of Attorney - A legal document which appoints your Attorneys to make decisions on your behalf 

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Residuary estate or residue - This is the amount or assets left of your estate (often it is the bulk of your estate) after gifts have been made, debts settled and tax paid.

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Specific Bequests -  a gift of a specific item or asset to a named person i.e. jewellery, 

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Testator  -  You, the person making the Will