Key Terms in Wills 

The following are key terms that are often seen in Wills.

Will
A legal document that records your instructions for what should happen to your assets and responsibilities after your death.

Estate
Everything you own at the time of your death, including money, property, investments, and personal belongings.

Executors / Trustees
The people you appoint to carry out your Will. They are responsible for administering your estate, managing assets, paying debts, and distributing your estate in accordance with your Will.

Beneficiary
A person or organisation that is entitled to receive something under your Will.

Residue (or residuary estate)
What remains of your estate after all debts, expenses, taxes, and any specific gifts have been paid or distributed.

Specific gift
A particular item or sum of money you leave to a named beneficiary, separate from the residue of your estate.

Chattels
Your personal belongings, such as furniture, vehicles, jewellery, and household items, excluding money, land, and investments.

Guardian
A person appointed to care for your children if they are under 18 and both parents have died.

Minor
A person under the age of 18.

Trust
An arrangement where assets are held and managed by trustees for the benefit of another person, often used when a beneficiary is under 18.

Trustee powers
The legal powers given to executors or trustees to manage, invest, and apply estate assets, including for the benefit of minor beneficiaries.

Predecease
To die before someone else, such as a beneficiary dying before the will-maker.