ADEMPTION
This refers to what happens where a gift fails because the property bequeathed under the will does not exist at the time of your death. This can be because it was destroyed, sold or converted or added to something else.

ADMINISTRATORS
Where a will is partially or entirely invalid, administrators are appointed to as personal representatives to distribute the property.

BENEFICIARY
A named individual in the will entitled to receive property.

BEQUEST
A gift by will. Often referred to as a legacy.

CHATTELS
Personal or real property. It includes things like houses, leases, moveable items such as jewellery.

CHOSE IN ACTION

A chose in action is property which cannot be physically possessed. It is a term used to describe a property right or the right to possession of something that can only be obtained or enforced through legal action.

CODICIL
A codicil is a supplementary document to the will, which amends rather than replaces a previous executed will.

EXECUTORS
Those who are authorised to carry out the instructions in the will.

GRANT OF PROBATE
Certificate from the court that the personal representatives are authorised to deal with the deceased’s estate.

JOINT TENANCY
A method of holding property. The property is held jointly by more than one individual where each owns the whole jointly, rather than a proportion. When one of the joint tenants dies the other owner(s) would now own all that property. This means that property held by a joint tenant can never form part of the deceased’s estate.

LEGACY
Gifts of money or items left to particular named individuals. This can be monetary, specific or general.

MIRROR WILL
This is when a couple make wills that mirror each other, often making reciprocal arrangements whereby each partners leaves everything to the other.

PERSONAL REPRESENTATIVES (PRs)
People or organisations authorised to carry out the administrative tasks associated with paying your debts and distributing your property after your death.  If they are expressly named in a will they are called ‘executors’. If there is no valid will, or not all of the estate is covered in a valid will, they must be appointed by the court and are called ‘administrators’.

REVOCATION

This refers to the situation where a will is no longer valid and is null and void. This can be done expressly or impliedly (eg when a subsequent will is made).
NB. Marriages automatically revoke previous wills.

RESIDUE
This is the remainder of the estate once all debts and expenses have been paid and once specific gifts have been made.

SEVERANCE
A joint tenancy (see above) can be ‘severed’ at which point it becomes a ‘tenancy in common’ (see below).  Whenever a joint tenancy is severed, the property is always held in equal shares between owners.

SURVIVORSHIP
Where property is owned in a joint tenancy, and one or more owners die, the surviving owners will take own the property ‘absolutely’ ie. in its entirety.

TENANCY IN COMMON
An alternative method of holding property jointly whereby each co-owner holds a proportion or share of the property.  This share may be equal or unequal.

TRUSTEE
A person who holds property ‘on trust’ for another.  They cannot derive any benefit from that property but they remain the ‘legal owner’ of it.  This is especially common where the intended recipient is not legally entitled to hold that property for example, the children and the mentally ill. A trustee is under a legal duty to maintain and maximise (for example, invest) the trust property.

TRUSTEE POWER
Executors can also act as ‘Trustees’. A will automatically gives them certain ‘trustee powers’ but sometimes they need further authorisation to carry out more complex instructions.

WITNESS
A person who ‘witnesses’ the will by signing it and giving his name, address and occupation.  A witness cannot derive any benefit from the will.  If he or she is a named beneficiary in the will, that gift will fail and fall into the residue.

For further information and a confidential discussion please contact us on 01273 229340, or by e-mail on greg@crosbymooresolicitors.co.uk