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Making Sense of Legal Terms in Your Will
07 October 2024
You have decided to create your will, but as you glance through the document, you encounter a maze of legal jargon that leaves you scratching your head!
Why the need for legal jargon in wills, you ask? Well, think of it as a language tailored for precision and efficiency. Just as a chef uses specific terms in a recipe to avoid confusion, legal terms in a will serve a similar purpose – to provide clarity and avoid any potential misinterpretation.
Let’s start by demystifying some key terms related to individuals mentioned in a will:
- The Testator: You, the person crafting the will.
- The Executor: The individual or entity entrusted with managing your estate after your passing.
- Beneficiaries: Those who are set to inherit a portion of your estate.
- Trustee: The manager of any established trust within the will.
- Issue: Descendants entitled to inherit as specified in the will.
- Guardians: Appointed individuals responsible for minors under your care.
Terms concerning finances and assets:
- Estate: Your total assets minus debts.
- Assets: Valuable possessions like property, cash, and investments.
- Chattels: Movable personal property such as furniture or vehicles.
- Bequest: A specific gift allocated in the will, often personal belongings.
- Legacy: A broader term encompassing various types of gifts, including cash and property.
- Residue: What remains in the estate post-settlement of debts and bequests.
- Life Interest: Granting someone usage rights to an asset without ownership.
Conclusion
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, you must ask your solicitor to explain it to you.
If you would like assistance in creating a will you can contact our friendly and approachable Wills, Trust and Probate lawyers
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