Wills & Probates Glossary: Understanding Key Terms

Embarking on will and probate planning is a crucial step in ensuring your legacy is preserved and passed on as you wish.

This glossary aims to simplify the terms you may encounter along the way, from defining what a will encompasses to understanding the role of an executor, and more.

It’s designed to help guide you through the complexities of legacy planning, making the process more accessible and manageable.

Your Will

A legal document where a person specifies the management and distribution of their estate after death. It includes instructions for asset distribution and care of minors.

Probate

The legal process through which a deceased person’s will is validated in court. It involves organising the individual’s assets, paying debts and taxes, and distributing the remaining estate as per the will.

An Executor

An individual appointed in a will to carry out the deceased’s instructions. They manage the estate, pay off debts, and distribute assets to beneficiaries.

Beneficiary

A person or entity designated in a will to receive part or all of an estate.

Trust

A fiduciary arrangement in which a trustee holds assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and specify exactly how and when the assets pass to the beneficiaries.

Estate

All the money, property, and other assets owned by an individual at the time of their death.

Power of Attorney

A legal document authorising a person to act on behalf of another, especially in financial or health matters.

Guardian

A person who is legally responsible for the care of another, usually a child or someone who is unable to manage their affairs due to incapacity.

Living Will

A written statement detailing a person’s desires regarding their medical treatment in circumstances in which they are no longer able to express informed consent.

Inheritance Tax

A tax on the estate of the deceased person. It’s payable if the value of the estate exceeds a certain threshold.

Testamentary Trust

A trust that is created by a will and comes into effect after the will-maker’s death.

Intestate

The condition of dying without a legal will, resulting in the estate being distributed according to the laws of intestacy.

Codicil

A document that amends, rather than replaces, a previously executed will. It allows for changes to be made without having to rewrite the entire will.

Asset Distribution

The process of distributing the deceased’s estate to the beneficiaries as per the instructions in the will or, if there is no will, according to the rules of intestacy.

Legacy

In the 1Legacy framework, Legacy is a concept that extends beyond the traditional notion of assets and Wills. It’s about crafting a life narrative that resonates with your values and aspirations, ensuring that every aspect of your life contributes to a meaningful legacy. This involves thoughtful financial planning, careful organisation and documentation, meaningful community engagement, and prioritising your health and wellness

Understanding the essentials of Wills and Probate is foundational to securing your legacy. For those looking to draft a will, 1Legacy, powered by UK Legal Wills, offers the simplest, quickest, and most reliable way to create a valid, accurate, and complete will, ensuring your wishes are precisely as you envision them.