This “jargon buster” is a follow up from our Private Client team’s recent article “Mirror, Mirror on the Wall” (To access this blog, please click the link below).
In every individual’s life time, they may come across the process of making a Will with a Solicitor or work with a Solicitor to administer a deceased relative, friend or associate’s estate. The Private Client team at Fitz Solicitors recognise clients like to be updated regularly but sometimes fail to understand certain “jargon” relating to these types of matters. Therefore, we have compiled a list of regular “jargon” used in these types of matters below:
Administrator: The person who deals with your estate if you die without making a will.
Bequeath: This definition is used in your Will when giving anything other than land, for example, ‘I bequeath my nephew Stephen Jones my car’.
Beneficiary: An individual who inherits from an estate.
Chattels: These are simply personal possessions such as household electrical items, clothes, and books.
Devise: This term is used when giving land or property.
Estate: A term used in your will for all your worldly possessions.
Executor: The individual who administers a will.
Guardian: The person or persons you appoint to take care of your children under the age of eighteen (18) after your death.
Inheritance tax: Tax payable to the Inland Revenue if your estate is over the nil-rate band.
Intestacy: If you die without writing a will (dying intestate), your money and possessions are distributed according to the intestacy rules.
Minor: A person under the age of 18. A minor cannot inherit property or land until they reach 18.
Next-of-kin: Your closest blood relative.
Nil-rate-band: The value of an estate before you have to pay inheritance tax.
Pecuniary legacy: This term is used to describe a gift of cash.
Residue: The remainder of your estate after all specific gifts have been made in your Will.
Testamentary expenses: The cost your executors/administrators incur when administering your estate.
Testator: The individual making a Will.
Trust: A legal arrangement where a group of individuals look after property for another a beneficiary or beneficiaries.
Trustee: The individual appointed to look after property written in trust.
A qualified Private Client Solicitor at Fitz Solicitors can provide you with the advice you need in relation to making a Will or a Probate matter. If you would like an appointment to discuss this further, please do not hesitate to call us on 01753 592000.