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Estate Planning services and information
Estate Planning should start
early in life, try not to leave it until you are elderly. If your estate
is sizeable it could be subject to inheritance tax and even if it is small,
Estate Planning and a Will can ensure that your assets will go to your
chosen beneficiaries.
Willcraft offer Estate Planning services and Estate Planning information to ensure that you preserve and protect your assets.
At its simplest, planning your estate consists of making a Will. Willcraft
services will assist you, our wide range of legal services and years of
experience will ensure your estate will be secure. There are many ways of
passing on benefits to your dependants, your chosen charities or other beneficiaries.
Click here to find out more about
our Estate Planning services.Willcraft offer Estate Planning services and Estate Planning information to ensure that you preserve and protect your assets.
Estate Planning glossary of terms
It is unavoidable that you will encounter some unfamiliar words and terms when planning your estate. We have put together the following list of the most important expressions you are likely to come across. If there are other terms that you are not familiar with please call 0800 781 9406.
Administrator
The person appointed by law to carry out the administration of an estate.
Asset
Any property or belonging owned by the testator.
Beneficiary
A person or organisation that will receive a gift in your will.
Bequest
A gift left to a person or organisation in your will.
Chattels
Belongings such as furniture, car etc.
Codicil
An addition or change to your existing will.
Conditional Legacy
A gift subject to the fulfilment of a condition ( eg ' I leave my car to my oldest daughter on condition she passes her A-levels').
Crown
The State. If you don't have a will and have no relatives, your estate goes to Crown.
Debts or liabilities
Monies owed or outstanding (e.g. tax, last electricity bill, hire purchase arrangements).
Discretionary Trust
Where property is left in a Will to trustees whose discretion it is to decide who should receive it.
Enduring Power of Attorney
An Enduring Power of Attorney is a legal document that ensures someone you trust will handle your financial affairs in the event of you becoming mentally incapacitated through Alzheimer's or an accident etc.
Estate
All your possessions, property and money. In other words, everything you leave behind.
Estate Planning
The preparation of a plan to carry out an individual's wishes as to the administration and disposition of his/her property before or after his/her death.
Executor(s)
The person, people or organisation(s) named in your Will to ensure its instructions are carried out.
Goods
A wide range of moveable objects such In practical terms as furniture, ornaments, paintings, jewellery and could even include a motor car.
Guardian
A person appointed by will or by law to assume responsibility for incompetent adults or minor children. If a parent dies, this will usually be the other parent. If both die, it probably will be a close relative. Guardians must be 18 or over.
Guardianships
Guardianships are court proceedings, that would be held on your behalf, in the event you were incompetent, or could no longer manage your own affairs. Your family members would need to go to court, and request that one of them be appointed the guardian of your person and/or estate.
Inherit
To receive something from the estate of someone who has died.
Inheritance Tax
A tax payable as a percentage of your estate to the Government. Anything over the inheritance tax threshold is liable to tax at 40%. The threshold is currently set at £285,000. If your estate is of a greater value it would mean your family would have to pay out a significant sum in inheritance tax after your death. See our Inheritance Tax planning service.
Intestate
Dying without leaving a Will.
Joint Property
There are 2 methods of jointly owning property: Under a beneficial joint tenancy the 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 or her last will. Where there is no will under the rules of intestacy.
Legacy
Another word for 'bequest' - see bequest.
Lifetime Gift
A gift made during your lifetime.
Partner
The person with whom you are living with but to whom you are not married. The term includes " friends & companions" and what are occasionally called " common law husbands & wives"
Pecuniary Legacy
The gift of a sum of money.
Power of Attorney
Appointment of an agent to act on one's behalf.
Probate
The legal procedure to establish that a Will and codicil are genuine and valid, and is evidence that executors have the authority to carry out the terms of the Will.
Residuary Legacy
A gift is left over from your estate when all other obligations have been met. This can be left wholly to one beneficiary or it can be divided between beneficiaries - for example, between 2 favourite charities.
Residue
What's left of your estate after all debts and expenses have been deducted, and all bequest have been paid (except residuary legacies).
Retainer
The right of an executor to retain a debt due to himself in preference to other creditors of equal degree.
Reversionary Interest
A gift of property subject to a prior interest. For example, a house that has been given to someone for the rest of their life: on their death, the house goes to charity.
Severance of Joint Tenancy
Joint ownership of a property is split so that each individual can leave their share to whomever they wish to in their Will.
Specific Legacy
A gift of particular named item in your Will (such as a piece of jewellery or shares).
Spouse
husband or wife
Substitutional legacy
A gift of personality made in lieu of a previous gift, where the testator indicated that it was not their intention that the legatee should take both gifts.
Survivorship clause
A clause in a Will which states that a person must survive the testator by a given period of time in order to inherit.
Tenants in Common
Each tenant owns their own share of the property and can leave to whom ever they wish in their will
Testator
A person who makes or has made a Will.
Trustee
A person who is usually your Executor and is a person who holds your property on behalf of others while your estate is being administered.
Settlor
The person who sets up a trust
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