Making a Will
Understanding the Legal Jargon
Solicitors and other professionals understand and use phrases peculiar to law. The following explanations may be helpful in understanding some of the legal jargon that tends to be used:
Administrator
The person entitled by law (appointed by the Probate Court) to manage and distribute your estate should you die without making a Will. He pays off any debts and liabilities you may have and deals with the Probate Registry, Capital Taxes Office and any other interested organisations. This process is called administration.
Beneficiary
A person or organisation who benefits from your Will. See also Legatee.
Bequest
A gift of an object, property or money made in your Will, also known as a legacy.
Codicil
Normally, a separate document signed and witnessed in the same way as a Will, which adds to or amends or revokes part of the existing Will. It can be an endorsement on the Will itself.
Estate
The total of everything you own when you die.
Executor(or Executrix in the case of a female)
The person (or one of the persons) you appoint in the Will to administer your estate and ensure your wishes, as stated in the Will, are carried out. Being an Executor (or executrix) does not mean that he/she cannot be a beneficiary.
Gross Estate
Your total assets at the time of your death.
Guardian
A person you appoint in your Will to take parental responsibility for a child under 18 years of age.
Inheritance Tax
A tax that may be payable upon your estate or part of it following your death. Inheritance Tax may also be payable on the value of gifts you have made during your lifetime. The limits and allowances should be discussed with your accountant and solicitor. This tax was formerly known as Capital Transfer Tax or Estate Duty.
Legacy
A gift made in your Will, also known as a bequest. See also Pecuniary Legacy and Specific Legacy.
Legatee
A person or organisation who benefits from your Will. See also Beneficiary.
Letters of Administration (grant of).
The document issued by the Probate Authorities to an Administrator (see above) giving him/her authority to deal with the estate.
Net Estate
Your total assets minus any taxes and other liabilities at the time of your death.
Pecuniary Bequest (or Legacy)
The gift of a specific sum of money in your Will.
Predecease
To die before someone else.
Probate (Letters of)
A document issues by the Probate Authority following a person's death, which confirms the legal validity or otherwise of the Will and the authority of the Executors to administer and distribute the estate.
Residuary Bequest (or Legacy)
The gift of all or part of the residue (remainder) of the estate.
Residuary Legatee
Someone named in the Will to inherit the Residue of the estate (see Residue).
Residue/Residuary Estate
What is left of your estate after all bequests, taxes and other liabilities have been paid.
Reversionary Bequest (or Legacy)
A gift in your Will that passes to a second person of your choice upon the death of the first beneficiary.
Specific Bequest (or Legacy)
The gift of a specific item made in your Will (but not money).
Testament
Another name for a Will.
Testator (or Testatrix)
The person making the Will.
Trustee
A person you appoint to look after the part of your estate settled into a trust.
Will
A document naming people who Will deal with your property, finances and affairs after your death. The Will sets out how you wish your property and finances to be distributed or used following your death.
Witness
An independent person who watches you sign your Will and then signs it in your presence. There must be two witnesses in order for your Will to be valid, though these rules may vary depending on where you live. (Consult your solicitor on this point). A witness cannot be a beneficiary, or the spouse of a beneficiary.
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