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Legal Will Terms Explained
Attestation Abatement Beneficiaries Codicil Chattels Deed De Facto Deposition Discretionary Trust Estate Executor Furiosi Nulla Voluntas Est Guardians Inheritance Tax Intestate Joint Tenancy Living Will Memorial
Next Of Kin Oath Pecuniary Legacies Probate Residue Revocation Specific Gifts Spouse Testator Trustees Witnesses
Bearing witness to a signature.
A pro rata reduction applied amongst beneficiaries or creditors if there is insufficient money to satisfy specific bequests or debts.
Beneficiaries are the people who inherit your estate when you die. You can select as many beneficiaries as you wish.
A codicil is a legal term for an addition or amendment to your Will. It will be executed in the same way as your Will.
Any moveable personal property. E.g. TV, sofa, cooker etc.
A written, signed legal document which sets out things to be done. Most often used in the context of real estate where transactions are in writing and signed.
Most commonly used when referring to a common law spouse as the de facto wife or de facto husband. Not legally married but living together as if married the common law couple do not share the same rights as a married couple.
The official statement by a witness taken in writing as opposed to when taken verbally.
A trust where the trustee has full power to decide when and which members of a group of beneficiaries are to receive their income or capital.
The property, money and possessions of the deceased person.
An executor is the person you appoint to administer your Will when you die. More about the Executor's role
Latin term used to describe when mentally impaired persons cannot validly sign a Will.
Guardians are the people chosen by the Testator to look after their children in the event of their death. More about the Guardian's role
This is tax which is levied against your estate at the time of your death. More about inheritance tax
To die without making a legally valid Will.
Property owned with another person. Joint tenants are usually husband and wife and in the event of the death of one tenant, the other becomes the owner of the whole property. A joint tenant cannot make a gift of their share of the property to anyone else as it is not wholly theirs to give.
A living Will or 'advance directive' is a document containing instructions issued to medical personnel to allow them to stop prolonging your life in the event of you becoming terminally ill, permanently unconscious or losing your mental capacity. Some people decide they do not want to be kept alive in such an event by either artificial means or medical treatment. Legally, living Wills cannot necessarily be enforced by law.
Often an object which serves to keep in place the memory of the deceased.
The nearest blood relative of the deceased
An pledge to tell the truth often calling upon God as a witness.
Pecuniary legacies are set amounts of money to be left to specific people.
When somebody dies the person dealing with the Will has to obtain probate from their local probate registry as evidence of the validity of the Will which they will administer. More about probate.
What's left after pecuniary legacies, specific gifts, funeral, inheritance tax, including bank accounts and insurance policies.
If the testator decides to change their Will completely and it invalidates the previous one they are deemed to have 'revoked' the previous Will.
Specific gifts are gifts you want left to specific people such as leaving your pet cat to a specific individual you know would be happy to look after it.
When using terms such as 'husband' and 'wife' it is important to consider that this refers to your husband or wife of the time when the Will was written. If you are going through a divorce, your spouse remains your husband or wife until you receive your Decree Absolute.
The person who actually sets out his or her wishes and requests as to how their estate should be divided in the form of a Will. A Testator must be over 18 years of age and of sound mind at the time of writing the Will.
The Trustees hold on to any assets set out in the Will until the nominated beneficiaries meet certain criteria set out in the Will (e.g. they reach the age of 18). Trustees normally have powers to distribute monies and have full power to sell and invest, etc.
- When you die, the executors are the trustees of your property which they give to your beneficiaries.
- If children inherit property it must be held in trust until they reach the age of 18.
- You may appoint your executors or anyone else you choose as your trustees.
A Will is always subject to two witnesses who will have to verify the signature of the Testator. They will have to sign the Will at the same time as each other and also at the same time as the Testator.