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What Does It Mean?

The terms below are not comprehensive or legal definitions. They are presented solely to help you understand this site, and perhaps other covering the same topic.

It should also be noted, that the descriptions are given with respect to the situation in England and Wales. Some differences will exist with regard to other territories, but nonetheless, the notes should hopefully provide insight into general meanings.

   
administrator
Has similar duties to those of an executor for estates where:
  • there is no will
  • the will does not appoint an executor
  • the named executor is unable or unwilling to act.
There are court rules which govern who may apply to act as administrator.

   

beneficiary
A person, or organisation, who receives benefit from a will or trust.

   

codicil
A document, usually short, which when properly executed amends the terms of an existing will.

   

domicile
Domicile is a complex legal concept that usually determines the legal system under which your will is to be interpreted and administered. For most people their residence and domicile are the same as the country in which they live. However if you or your parents were born outside England and Wales, or you intend to live permanently outside England and Wales you should consider taking legal advice. The wills we prepare are on the basis that you are domiciled in England and Wales

   

enduring power of attorney (EPA)
A type of power of attorney which remains effective even if the person who gives the power later loses their mental capacity.

 

estate
The assets that you own which can be left under your will. There are items which may not be left under your will - see Joint Property. Most pension provisions are not assets which can be left under the terms of a will or intestacy.

 

executor
A person or company named in a will to be responsible for carrying out the terms of the will and settling taxes and debts.

   

grant of probate
A document issued by the court confirming both the validity of a will and the executor's right to administer the estate.

 

guardians
These are people who will look after your children (if under 18 years of age) at the time of your death. A surviving parent from a marriage has certain parental rights over the guardianship of his/her children, so you do not need to name them. If you are not married to the parent of your child you are advised to state your wishes with regard to guardianship, but no advice can be given by us as to the effectiveness of your wishes. Guardians must be 18 or over.

However in most cases such an appointment will not take effect until the death of the surviving parent. The role of guardian differs from the role of trustee in that whilst the trustee has the financial responsibility of managing funds held in trust, the guardian is responsible for the welfare and upbringing of the child. Liaison between the trustee and the guardian is required to plan for the child's financial future. The wills we prepare include wide powers to enable the trustees to release both capital and income to assist with maintenance, education or benefit of any child in the care of a guardian.

   

intestacy
An estate where there is no will and the law therefore directs who inherits.

 

intestate
Not having a valid will, or a person who has not made a will.

 

issue
This means your children, their children and so on all the way down the family tree.

Unless you say otherwise, wills we prepare through the Barclays Will Writing Service are on the basis that any reference to children automatically includes provision for any child's children (your grandchildren) to take in substitution for that child if that child does not survive or reach an age specified in the will and so on.

   

joint property
Under English Law there are two methods of jointly owning property with another:
  • Under a beneficial joint tenancy the entire property passes to the survivor(s) on a death.
  • Under a tenancy-in-common a person's share of the property pass under the terms of his will (or on his intestacy).

   

legacy
A gift which you wish to leave a person or organisation upon death.

There are several types of legacy including:

  • a money legacy e.g. £1,000 to Mr X
  • a specific legacy e.g. my gold wedding ring to my daughter
It is important to describe the item(s) accurately to avoid confusion. Unless you indicate otherwise the will is prepared so that any beneficiary under the age of 18, or other age you specify, will receive all interest and appreciation accruing up to that age.

If you leave a house of flat, in sole ownership, to a beneficiary you should state whether it should be passed to them with any outstanding mortgage liability or whether such a liability should be paid by your estate first (called 'free of mortgage').

Unless you state that the gift of any property is to pass 'free of mortgage', we will prepare your will on the basis that any outstanding mortgage/liability will be the responsibility of the beneficiary who receives the property.

if you ever sell or move from the house/flat you specify as a gift, it is important that you review your will. You can however state that any private residence you own on death passes to the named beneficiary or beneficiaries.

 

letters of administration
As for a grant of probate, but issued to an administrator.

   

mirror will
A will which contains almost identical terms to your will. Many husbands/wives/partners have mirror wills where they have decided upon the same beneficiaries irrespective of which partner dies first.

   

property
In this connection, means all assets (not merely land). See estate.

   

testate
Having a valid will.

 

testator
A person who makes a valid will.

 

trust
A written arrangement whereby an appointed trustee is given money or assets to hold and manage for the benefit of those defined in the deed which created the trust.

 

trustee
A company, or individuals, appointed in the trust deed to hold the trust assets and to be responsible for the management of a trust.

   

will
A written document which when properly executed controls how a person's assets are to be dealt with after his death. If improperly executed the document may not constitute a will.

 

wills in expectation of marriage
If you and your partner intend getting married soon your will(s) can be made 'in expectation of your marriage' which means it/they will be valid before and after the marriage takes place. Marriage would otherwise cancel a will.

 

worldwide will
Unless you specify otherwise, wills prepared through the Barclays Will Writing Service will cover your worldwide assets. However the law of the country in which the assets are situated may limit the effectiveness of any gift. If you have assets outside of England and Wales you should seek advice in the country where those assets are situated.

 






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