Will Writing Without the Waffle – Jargon Busting Your Will
You have decided to make your will. You’ve met with your solicitor, discussed your needs and received advice. Later, you then receive your will to review, but find it contains words you may not fully understand! Let’s look at some of those terms and remove any doubt or confusion about their meaning.
At Bell Lamb & Joynson, we pride ourselves on discussing legal matters in plain English and making sure that each and every client fully understands the process. Whilst we refrain from using legal jargon when we talk to our clients over the phone or in person, we can’t get away from the fact that official legal documents, such as your will, contains confusing terminology.
In this blog, we take a look at some of the unusual phrases and words you will see in your will…
Why is Jargon Used in Wills?
Legal terminology can be difficult to understand and sound very old-fashioned to non-lawyers.
Many legal terms have been used, tried and tested for hundreds of years and are approved by the courts. Terms are used in formal documents to ensure clarity and avoid any ambiguity to anyone who needs to interpret the document.
From time-to-time legal language is updated. But it was only very recently that some Latin language was discontinued in divorce documents! The language used in wills is likely to be around for a long time to come.
Terms Relating to People
Let’s look, first of all, at the people mentioned in a will.
The testator
The testator is the person who makes the will. If you are making the will, you are the testator.
The executor
The executor is the person (or organisation) you appoint to deal with the administration of your estate. They are responsible for identifying the assets and debts of the estate. The executor must apply for Probate (the formal authority allowing them to deal with the estate). They need to deal with any Inheritance Tax issues. Finally, they must distribute the estate following the directions expressed in the will.
You can have more than one executor and they can either act jointly or as substitutes should one or more of their number die before you do.
Beneficiaries
These are the people (or organisations) who you have decided will inherit a share of your estate after your death.
Trustee
Sometimes a trust is set up within a will. The person who manages the trust is called a trustee. There may be one or more trustees.
Issue
When this term is used in a will, it refers to the children, grandchildren and great grandchildren and other descendants named or referred to in a will or who have an entitlement to inherit.
Guardians
If you have children under 18, you can appoint a guardian to look after their affairs.
Terms Relating to Money and Property
Within the will, there will be terms relating to the property and money belonging to the testator.
Estate
This is a list of all the assets you own less the debts or other liabilities due. Sometimes this is called the net estate.
Assets
These are the items of value the testator owns. They are made up of property, cash and investments.
Chattels
This is another term relating to property. In this case it means an item of personal property that can be moved around. Examples of this might be personal belongings or effects, furniture or a car.
Bequest
This is a gift made in a will. The types of gifts contained in bequests tend to be gifts of personal property. Examples of this might be an item of jewellery, a car, a piece of antique furniture or a work of art.
Legacy
Just like a bequest, a legacy is also a gift but tends to be more wide-ranging. It covers all types of property as well as personal items and cash.
Residue
The residue in a will is everything that is left in the estate after debts, bequests and legacies have been dealt with.
Life Interest
This is a term used when the testator decides to allow someone to use an asset during their life but where they do not receive ownership. This is commonly used in relation to a property.
Making a Will
Legal terms are widely used in wills to ensure their meaning is clear and unambiguous. If you find a word or phrase in a will you do not understand or if the meaning is unclear to you, it is important to ask your solicitor to explain it to you.
For more information on making a will, updating your existing will or to talk to someone about protecting your legacy and planning for later life, then please get in touch with our friendly and award-winning Wills & Probate team today. Call us on 03444 124348 or speak to our chat assistant online.