Legal terminology can be confusing, especially when it comes to sensitive topics like wills and probate. This blog post aims to demystify some of the most common terms you might encounter when planning your estate or dealing with the affairs of a loved one.
Testator
The testator is the person who creates a will to outline their wishes for the distribution of their assets after their death.
Beneficiary
A beneficiary is someone who receives a gift or inheritance under the terms of a will. This could be a family member, friend, charity, or any other person the testator wishes to benefit.
Executor
The executor is the person responsible for carrying out the instructions set out in the will. This includes tasks like identifying and valuing assets, settling debts, and distributing inheritances to beneficiaries.
Codicil
A codicil is a formal document used to make changes to an existing will. It’s important to note that a codicil must be signed and witnessed with the same formalities as the original will.
Probate
Probate is the legal process of obtaining a court order that confirms the validity of a will and grants the executor the authority to administer the estate. This can involve tasks like collecting assets, paying off debts, and distributing inheritances.
Intestacy
If someone dies without a valid will, they are said to have died intestate. In this case, their estate will be distributed according to the laws of intestacy, which may not reflect their wishes.
Letters of Administration
When someone dies intestate, the court will appoint an administrator to handle the estate. This individual will have similar responsibilities to an executor but is appointed by the court rather than named in a will.
Residue
The residue of an estate refers to all the assets remaining after debts, expenses, and specific gifts to beneficiaries have been accounted for. The residue is then distributed according to the instructions in the will, usually divided amongst a group of beneficiaries.
Lasting Power of Attorney (LPA)
While not directly related to wills, an LPA is an important legal document to consider alongside your will. An LPA allows you to appoint someone you trust to make decisions on your behalf if you become unable to do so due to illness or disability. There are different types of LPAs, so it’s important to discuss your needs with a solicitor.
Richards & Lewis: Your Local Wills and Probate Experts
Understanding these key terms is a helpful first step in planning your estate or managing a loved one’s estate. However, for personalised advice and guidance on creating a will or navigating the probate process, it’s always best to consult with a qualified solicitor.
The experienced team at Richards & Lewis can help you create a will that reflects your wishes and ensures your loved ones are cared for after your death. We can also guide you through the probate process if you are dealing with the estate of a deceased loved one.
Contact us today for a no-obligation consultation to discuss your specific needs.
