There are many words and phrases that are often used within the retirement or estate planning industry that you may not be familiar with. To help address this we have compiled the following jargon buster that explains in clear terms what these mean.
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Where children, often unintentionally, don’t inherit their parents’ share of an estate due to remarriage.
To deliberately prevent someone from inheriting something (as by making a will).
Somebody’s net worth in the eyes of the law eg. bank accounts, home, car.
Person who witnesses signature of the testator in Will
Assets can be held in trust – that assets can be held by the executors/trustees for the benefit of named people
The Queen – final beneficiary if no living relatives and a person dies intestate
To cause power or responsibility to be given to other people.
To give orders, or tell someone exactly what they must do.
Wife, husband or civil partner
Person who has learning difficulties or dependency issues
Person or persons appointed in Will to look after children in the event of a parents dying
Assets that an individual is free to dispose of by his will.
A claim recognised and delimited by law for the purpose of securing it.
A first claim on the estate, before legal rights.
An article of personal property not attached to land.
Knowledge and understanding that a Will is your wishes on death
Person named in Will who will receive a gift or the estate or share of estate