Glossary of Commonly Used UK Legal Will Terms
Adminstrator - An individual appointed by UK law to handle your personal and financial affairs if you die intestate, which means without a legal will.
Beneficiary - Anyone designated to receive money, property, or possessions in your will.
Codicil - A codicil is used to make changes to an existing will.
Crown - The UK government. If you do not make a legal will, the crown receives your entire estate.
Estate - The sum of everything you own at the time of your death. minus any debts or unpaid taxes.
Executor / Executorix - The individual or individuals you choose to distribute your estate as specified in your legal will.
Funeral arrangements - Specific requirements or requests you can designate in a special portion of your legal will.
Inheritance Tax - Inheritance tax is a 40% tax applied to the largest estates. Charitable contributions are exempt from inheritance tax.
Legacy - A monetary award, property, possession or gift designated in your will. A legacy can be given to an organization such as a charity or an individual of your choice.
Probate - Probate is the name for the process of establishing legal validity of your will.
Testator / Testarix - This term (denoted in male and female versions) applies to you.
Witnessess - Two witnessess are required to sign your legal will. They must witness you and each other sign your legal will. These witnessess cannot be family members.
Welcome to sfla.co.uk!