Legal professionals have a tendency to use unusual jargon in their practice. We have got ride of jargon where possible and made things as easy as possible on this site for you to understand. But below is a collection of words that you should be familiar with. They cannot be avoided when dealing with Wills and Powers of Attorney.
Testator: The person making the will. Potentially you.
Executor: The person or people that you have chosen to be responsible for carrying out teh instructions of the will and administering your estate
Guardian: The person or people that you have chosen to assume parental responsibility of your children.
Beneficiary: The person, people, or legal entity that will benefit from your will.
Estate: Put simply, everything that you own. But be aware that not all of your property may necessarily pass under a will.
Trustee: People you have entrusted to take care of designated property for your beneficiaries.
Settlor: The person creating a trust. Typically this term is used when a trust is set up in life rather than under a will.
Inheritance Tax: The tax charged by HMRC on your estate when you pass away before it is distributed to the beneficiaries
Probate: The legal right to deal with someone’s estate when they have passed away. If there