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These are not comprehensive or legal definitions merely explanations
to help you understand the site and our services.
- 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.
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- beneficiary
- A person, or organisation, who receives benefit from a will
or trust.
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- codicil
- A document, usually short, which when properly executed amends
the terms of an existing will.
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- 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
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- 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.
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- 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.
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- 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.
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- 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.
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- 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.
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- Inheritance Tax (IHT)
- Where you wish a surviving spouse or a charitable institution [both of which are usually exempt from IHT] to share
the residue of your estate with other people or organisations [who are not exempt from IHT], any Inheritance Tax liability
attributable to residue will be deducted only from the shares of those other people so that the entitlement of the spouse
or charity will not be affected by any Inheritance Tax.
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- intestacy
- An estate where there is no will and the law
therefore directs who inherits.
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- intestate
- Not having a valid will, or a
person who has not made a will.
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- 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.
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- joint property
- Under English Law there are two methods of jointly owning
property:
- 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 can
pass under the terms of his will
(or on his intestacy).
Barclays Will Writing cannot advise you on how you hold property jointly with another.
If you and your spouse or partner have together decided to include in your wills any specific gifts of houses or land or other
property that you own jointly with each other, as beneficial joint tenants and these gifts in the wills are not to your co-owner,
it is very important that you retain a copy of your will instructions with your wills. This is because the agreement that you have
come to, about the way that houses or land or other joint property are bequeathed in your wills, will be relevant after your death.
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- 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 or 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.
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- letters of administration
- As for a grant
of probate, but issued to an administrator.
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- 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.
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- property
- In this connection, means all assets (not merely land). See
estate.
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- Section 33 of the Wills Act 1837
- This directs that where you leave a gift or share of your estate to any of your issue and the intended beneficiary dies before
you leaving issue of their own, that gift or share of your estate will pass equally between your predeceased
beneficiary's issue. This section will not apply if your
will directs otherwise, by making provision for other beneficiaries to
inherit. Issue in this context means your direct descendants.
If for example, you wish to leave your estate equally between your children, and not include any alternative provisions to any
grandchildren should one or more of your children die before you, then mark the instruction form that you do not wish Section 33
to apply.
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- testate
- Having a valid will.
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- testator
- A person who makes a valid will.
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- 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.
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- 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.
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- 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.
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- 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.
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- 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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