Understanding Wills: Jargon Busting & Definitions

When it comes to writing a will, legal jargon can make the process seem more complicated than it needs to be. Understanding the key terms involved can help you make informed decisions and ensure your wishes are clearly stated. In this blog, we break down some of the most common legal terms related to wills.

Key Terms in Wills Explained

1. Testator/Testatrix

The person making the will. A "testator" refers to a male, while "testatrix" (less commonly used today) refers to a female.

2. Beneficiary

A person or entity (such as a charity) that is named in the will to receive assets, money, or property.

3. Executor/Executrix

The individual appointed in the will to carry out the testator’s wishes after their death. They handle financial matters, distribute assets, and settle any outstanding debts. "Executrix" is the older female-specific term, but "executor" is now commonly used for both genders.

4. Estate

The total sum of a person’s assets, including money, property, and possessions, minus any outstanding debts and liabilities.

5. Intestate

If a person dies without a valid will, they are said to have died "intestate." In such cases, their estate is distributed according to government-set rules rather than personal wishes.

6. Probate

The legal process of proving and validating a will, ensuring it is genuine before executors can distribute the estate. Probate is required for most estates, though some small estates may bypass this process.

7. Residuary Estate

What remains of the estate after all debts, taxes, and specific gifts have been distributed. The residuary estate is usually left to a named beneficiary or group of beneficiaries.

8. Bequest

A gift left in a will. There are different types:

• Pecuniary bequest – A specific amount of money left to a beneficiary.
• Specific bequest – A particular item (e.g., a piece of jewellery or a car) gifted to a person.
• Residuary bequest – A share or percentage of what is left after all other distributions.

9. Codicil

A legal document used to make minor amendments to an existing will without drafting an entirely new one.

10. Guardian

A person named in a will to care for minor children if both parents pass away. Without a named guardian, the courts will decide who should take on this responsibility.

11. Trust

A legal arrangement in which assets are held on behalf of beneficiaries, often managed by trustees. Trusts are commonly used to protect inheritances for minors or vulnerable individuals.

12. Trustee

The person or organization responsible for managing a trust and ensuring the assets are distributed according to the testator’s wishes.

13. Letter of Wishes

A non-legally binding document often included with a will to guide executors and trustees on how the testator would like certain matters handled. It is particularly useful for explaining personal decisions or providing additional guidance.

Why Understanding These Terms Matters

Having a clear grasp of these key definitions ensures that you can:

• Make informed decisions when drafting your will.
• Communicate your wishes clearly and avoid legal confusion.
• Reduce the chances of disputes among family members.
• Ensure your estate is handled smoothly after your passing.

Writing a will doesn't have to be daunting. By breaking down the legal jargon, you can take control of your estate planning with confidence. If in doubt, consult a solicitor or estate planning expert to ensure your wishes are legally binding and well-structured.