If you are
unfamiliar with the legal terms used in will writing, you may find the
binding document which details your wishes and sets out how your estate will be
distributed on your death.
binding document which can be appended to your main will and facilitates minor
changes and amendments. Significant
changes may require a re-write of the main will.
A person you
choose to carry out the terms of your will.It is sensible to have two executors in place, in case one of them dies
before you do. Anyone over the age of 18
can be an executor, and you can choose a friend or family member or a
professional executor, e.g. a solicitor or accountant.
A person or
charity that will benefit from your will.
otherwise known as a legacy.
possessions, including property and money.
without leaving a will (or leaving a will that has been declared invalid for
- Life Interest Legacy
as a reversionary legacy or an interest in remainder. This is a legacy leaving an interest in
property for the duration of a beneficiary's lifetime, which passes to another
beneficiary on the former's death.
- Conditional Legacy
A gift that
relies on a certain condition being met, e.g. a family member predeceasing you.
- Inheritance tax
Tax paid on
the portion of your estate that is above the nil-rate threshold.
What is left of your estate after outstanding debts and taxes are paid and any pecuniary of specific bequests have been distributed.