Jargon Buster2017-11-23T14:33:20+00:00

Jargon Buster

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.

Remember however our experts are hear to help. So if you have any questions on the articles or are looking for advice from one of our retirement experts you get give us a call or email to chat with one of our team.

Sideways Disinherited2017-10-27T11:05:36+00:00

Where children, often unintentionally, don’t inherit their parents’ share of an estate due to remarriage.

Disinherited2017-10-27T11:07:43+00:00

To deliberately prevent someone from inheriting something (as by making a will).

Estate2017-10-27T11:10:15+00:00

Somebody’s net worth in the eyes of the law eg. bank accounts, home, car.

Valid2017-06-12T22:22:20+00:00

Correct and complete

Gift2017-06-12T22:21:38+00:00

Bequest/legacy

Witness / Witnessed2017-06-12T22:20:32+00:00

Person who witnesses signature of the testator in Will

Appointment of2017-06-12T22:19:20+00:00

Named persons

Trusts2017-06-12T22:17:14+00:00

Assets can be held in trust – that assets can be held by the executors/trustees for the benefit of named people

Provisions2017-06-12T22:15:51+00:00

Wishes

The State2017-06-12T22:14:53+00:00

The government

The Crown2017-06-12T22:14:14+00:00

The Queen – final beneficiary if no living relatives and a person dies intestate

Devolved2017-10-27T11:12:36+00:00

To cause power or responsibility to be given to other people.

Dictate2017-10-27T14:53:32+00:00

To give orders, or tell someone exactly what they must do.

Disposal2017-06-12T22:13:24+00:00

Giving away

Spouse / Civil Partner2017-06-12T22:12:37+00:00

Wife, husband or civil partner

Vulnerable2017-06-12T22:12:05+00:00

Person who has learning difficulties or dependency issues

Legacy2017-06-12T22:11:19+00:00

Gift or bequest

Guardians2017-06-12T22:10:42+00:00

Person or persons appointed in Will to look after children in the event of a parents dying

Bequest2017-06-12T22:10:02+00:00

Gift and or legacy relating to money or personal items

Free Estate2017-10-27T14:49:45+00:00

Assets that an individual is free to dispose of by his will.

Legal Rights2017-10-27T14:55:38+00:00

A claim recognised and delimited by law for the purpose of securing it.

Prior Rights2017-10-27T14:56:43+00:00

A first claim on the estate, before legal rights.

Intestate2017-06-12T22:08:55+00:00

Die without a valid Will or not have a Will

Moveable2017-10-27T14:58:15+00:00

An article of personal property not attached to land.

Heritable2017-10-27T14:59:00+00:00

Capable of being inherited.

Capacity2017-06-12T22:08:12+00:00

Knowledge and understanding that a Will is your wishes on death

Beneficiary2017-06-12T22:07:34+00:00

Person named in Will who will receive a gift or the estate or share of estate

Testatrix2017-06-12T22:06:56+00:00

Female equivalent of testator

Testator2017-06-12T22:06:14+00:00

Person making the Will – that is person giving the instruction for his or her Will

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