JARGON EXPLAINED


To help you understand some of the legal Jargon used we have highlighted some of the areas we feel can be confusing.


Testator/Testatrix


A Testator is the person for whom the Will has been prepared. A Testatrix is a female Testator.


Executors


Executors manage your affairs after your death including valuing your estate, paying any Inheritance Tax, obtaining Grant of Probate (the legal confirmation of their appointment), taking charge of the assets, e.g. life insurance, shares, property, and then distributing these assets in accordance with your wishes in your Will. We provide all Executors with a brochure explaining their role.


It is essential to discuss your wishes with your Executors to ensure they undersand your requirements and are happy to support you.



Trustees



Trustees manage any trusts created in your Will. Through your Will you can give your Trustees wide powers to invest your assets in the best interest of your beneficiaries, including the distribution of income and capital and payment of any tax. Trustees must maintain accurate records of decisions, transactions and investments.


It is quite normal for Executors and Trustees to be the same people and are usually close family or friends you can trust to handle your affairs in the manner you would.

There are professional Executors and Trustees, such as Banks or Solicitors but be aware they can charge high fees, usually a percentage of your total estate.