Glossary

of terms used in Wills

The Administrator

Deals with an estate if there is no Will.

The Beneficiary

Benefits from a Will.

A Codicil

Is a subsequent addition to the Will.

An Executor

Carries out the instructions in the Will.

A gift

Is an item or collection of items.

The Guardian

Looks after children until they are 18.

Intestacy

Rules dictate who inherits with no Will.

A legacy

Is a specific gift of sum of money.

A Life Interest Trust

Enables a person to benefit from trust assets during their lifetime.

Probate

Is the procedure under which an administrator or executor is confirmed.

The Residue

Is the estate left after debts, taxes, gifts and legacies have been made.

The Testator

Or Testatrix is the person who is making the Will.

A Trust

Is a mechanism where assets are appointed to be used in a defined way.

The Trustee

Is one or more people who manage a trust.