Glossary Legal Terms

Administrator
The person appointed by law to carry out the administration of an estate

Asset
Any property or belonging owned by the testator

Beneficiary
A person or organisation that will receive a gift in your Will

Bequest
A gift left to a person or organisation in your Will

Chattels
Belongings such as furniture, car, etc

Codicil
An addition or change to your existing Will

Debts or Liabilities
Monies owed or outstanding (e.g. tax, last gas and electricity bills, hire purchase arrangements)

Discretionary Trust
Where property is left in a Will to trustees whose discretion it is to decide who should receive it

Estate
All your possessions, property and money. In other words, everything you leave behind

Executor(s)
The person, people or organisation(s) named in your Will to ensure its instructions are carried out

Intestate
Dying without leaving a Will

Legacy
Another word for ‘bequest’ (see above)

Pecuniary
Legacy The gift of a sum of money

Probate
The legal procedure to establish that a Will is genuine and valid, and provides evidence and authority to the executors to carry out the terms of the Will

Residuary Legacy
A gift of what is left over from your estate when all other obligations have been met.

Residue
What’s left of your estate after all debts and expenses have been deducted, and all bequests have been paid.

Specific Legacy
A gift of a particular named item in your Will (such as a piece of jewellery).