Plain talking – Wills

July 31, 2017


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At Nelson Myatt we pride ourselves on using plain, easy-to-understand language with our clients. But, when you are making a Will, you might come across all sorts of words you haven’t seen before.

Here’s our handy guide to a few of the most common:
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Will
A document which you make in your lifetime which says what you want to happen to your assets when you have died.

Executor
The person appointed in a Will to do what the Will says. They can sell or transfer your assets and close bank accounts and then they will give your things and money to the people the Will tells them to. 
Sometimes a female Executor is called an Executrix.

Chattels
A legal definition of your personal possessions which includes your furniture, jewellery, car most other physical things which you own.
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Witness
The law says that a Willis only valid if two people witness the signature of the person who is making it. There are lots of rules about how the Will should be witnessed.

Testator
The person who has made the Will.

Mirror Wills
Wills made by two people who are working together to leave their joint assets in a certain way, but they are two completely separate documents.

Mutual Wills
Wills made by two separate people who bind each other into agreeing not to change their Wills unless they both agree.

Testamentary Guardian
Someone appointed to look after your children if you die while they are still minors and they don’t have anyone else with Parental Responsibility.
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Beneficiary
Anyone who ‘benefits’ or receives anything from a Will.

Pecuniary Legacy
A gift of money, rather than a gift of a particular thing.

Residuary Estate
Any assets left over once all specific gifts and sums of money have been paid out. There should always be a clause in a Will saying who will receive this.
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If you want to get your Will sorted then contact Carolyn Snellgrove at Nelson Myatt.

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