Wills:

Legal Terms Explained:

Administration period:
The period between the date of death and the date of the final estate accounts.

Administrator:
A person responsible for winding up the estate of a person who has died leaving no will or the executors of whose will are unable or unwilling to act.

Appropriation: The transfer of an asset instead of its sale proceeds on account of a legacy or share of residue.

Codicil:
A legal document by which a person amends his will.

Contingent gift:
A gift conditional on the happening of a particular event, eg a beneficiary reaching 21.

Estate accounts:
Accounts recording the financial transactions during the administration period.

Executor:
A person appointed by a will or codicil to wind up the estate.

Grant of representation:
The court order authorising a person to deal with the assets of the deceased.
If a will is proved by executors, it is more precisely called a grant of probate; otherwise, a grant of letters of administration (with or without a will annexed).

Intestacy:
Where a person dies without making a will fully disposing of all his assets.
The administration of `intestate' estates is largely governed by the Administration of Estates Act 1925.

Legacy / bequest / devise:
A gift of chattels / money / other assets by will.

Personal chattels:
Basically means personal effects. (More precisely defined in the Administration of Estates Act 1925, s.55 (1)(x) as including):Carriages, Horses, Stable furniture and effects (not used for business purposes), Garden effects, Domestic animals, [silver] plate, Plated articles, Linen, China, Glass, Books, Pictures, Prints, Furniture, Jewellery, Articles of household or personal use or ornament, Musical and scientific instruments and apparatus, Wines, Liquors and consumable stores.
but excluding:  Any chattels used at the death for business purposes, or any money and securities
  for money.

Personal representative:
An executor or administrator.

Power reserved:
Where a named executor declines to act as such, but reserves the right to do so at a later date.

Renouncing probate:
Where a named executor signs a legal document which cancels his appointment from the start.

Residuary beneficiary:
A person entitled to share in the residuary estate.

Residuary estate:
What remains of the estate after payment of all debts, legacies and all taxes and expenses.

Why make a Will?

If you die without making a Will you will be “intestate” and the law will automatically determine how your property is distributed and who administers your affairs after death.
This may not necessarily be in a way you would have wanted.
At ALB Law our goal is to ensure that upon your death your precise wishes are carried out with the minimum of distress to your family, and in a manner which keeps problems and expense to a minimum.

When to make a Will:

At anytime but it is particularly important when considering any major financial decisions, such as buying a house or setting up a business, or a change in your personal circumstances through marriage, starting a family or divorce.
Many people never take this practical and painless step for fear of tempting fate or inviting disaster. Such a failure can cause considerable uncertainty, and sometimes real problems.

Executors:

At least one Executor must be appointed, but if your Will contains trusts or provisions for children under eighteen, at least two are required.
They can include, for example, a family member, a friend, or a professional advisor, including ALB Law.

Guardians

If you have children, someone will have to take over responsibility for them should both parents die.
The appointment of guardians in a Will can avoid disputes within the family and ensure your children will be brought up by those people you consider most appropriate for this important task.

Legacies

Do you want to give a specific legacy (a specified item to a specified person) or a pecuniary legacy (a gift of a specific amount of money to a specified person)
Once all liabilities and legacies have been paid who is to get the rest of your estate (the residue)?
“Residue” may be left to one or more individuals whether outright, or in trust for someone until they attain a specified age, or for life with a provision that it subsequently passes to others on the death of that person.
You may also consider who will benefit instead should your first choice of beneficiary die before you.

Things to be remembered: If you live with a partner and die without making a Will, your partner will not be entitled to anything from your estate without having to become involved in expensive litigation that may not succeed in any event.If you are married and die without making a Will, your spouse will not automatically be entitled to the whole of your estate.Marriage renders earlier Wills invalid. If you are planning to marry, both you and your fiancé(e) should take advice about making Wills before the marriage takes place.If you separate from your spouse, the provisions of your Will are not affected – advice should be taken in such an event so that a new Will to reflect your new wishes can be prepared.If you own property abroad, advice is critical to ensure that an appropriate Will is put in place in order to avoid substantial legal fees which can arise if this is not the case.

For advice on getting your Will written / updated, contact Jane Riley on: 01704 500771 or email by clicking: