Will Writing Glossary

Getting A Will – Made Easy

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Glossary

Beneficiary – a person who is left something in the Will

Civil Partner - a registered partner, normally a ‘same sex’ partner

Civil Partnership - an official registered relationship between two people of the same sex, which gives them the same legal rights as two people who are married

Childrens’ Trusts – if your child or children are under 18 the money or property they have been given is held in ‘Trust’. The ‘Trustees’ manage the money on their behalf until an age set by you. A Will allows YOU to decide who manages the Trust and at what age the children take ownership.

Codicils – document making changes or additions to a Will

Estate – all of someone’s property or money

Executor – someone who deals with the administration of the will. They do the paperwork.

Inheritance Tax – A tax on the value of a person’s estate on death and on certain gifts made by an individual during their lifetime. The current rate of tax is 40%

Inheritance tax threshold – the inheritance tax threshold is the amount above which inheritance tax becomes payable. If the estate, including any assets held in trust and gifts made within seven years of death, is less than the threshold, no inheritance tax will be due on it. The current threshold is £325,000

Intestate – to die without having made a Will

Mirror Will – a pair of Wills for a couple

Single Will - a Will for an individual

Testator – a man who has made a Will

Testatrix – a female who has made a Will

Threshold - the value an ‘Estate’ is worth before inheritance tax is payable.

Trusts - money held on behalf of a person

Vesting Age - the age the person will inherit their share

Will – a legal document saying who you want your money and property to go to when you die

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