Glossary

ASSETS - All the items you own including property, vehicles, bank accounts, shares, household items, jewellery and so on. Together, these are known as your Estate.

BENEFICIARY- A person who is to receive something from your Will.

BEQUEST - Also known as a legacy, a bequest is a gift of money or assets left to an organisation in a Last Will and Testament.

BENEFICIARY - An individual named to receive some benefit in a Will.

CODICIL- An amending page with which you change or makes additions to a Will.

ESTATE - A total of all assets (property, possessions, money)and liabilities you leave behind.

EXECUTOR/EXECTRIX - Someone you appoint in your Will to be responsible for carrying out your wishes after you have died. The role of the executor is to manage the estate within the terms of the Will and protect the assets of the estate.

GURADIAN - A person you have requested be lawfully invested with the power, and obligation, of taking care of and managing the property and rights of a person who, because of age, understanding, or self-control, is considered incapable of administering his or her own affairs.

INHERITANCE - Anything received from the estate of a person who has died.

INTESTATE - A person who has died without a legal Will is deemed to have died intestate (also called intestacy).

LEGACY - Is a gift left in a Will.

MINOR - A person under the age of 18

PECUNIARY BEQUEST - Also known as a specific bequest, a pecuniary bequest is a specific gift left in a Will to an organisation such as a specified amount of money, property or stocks and shares.

PERCENTAGE OR FRACTIONAL BEQUEST - A gift left in a Will in the form of a specified percentage or fraction of the whole estate.

POWER OF ATTORNEY - A document that gives another person the legal authority to act on your behalf if you are unable to do so. PROBATE A legal process to determine if your Will is valid, following that which then enables the process of distributing your property to the beneficiary/ies.

RESIDUARY BEQUEST - A gift left in a Will in the form of the remainder of an estate, once beneficiaries have been provided for and any taxes and charges met. SPECIFIC BEQUEST A specific item that is left as a gift in your Will.

TESTATE- Having a legally valid Will.

TESTATOR/TESTATRIX - Is the person who has made a legally valid Will.

TRUST - An arrangement you can make in your Will whereby funds or benefits left to minors (or people below the age you have specified), are set aside until that person reaches the specified age.

TRUSTEE - The person holding property on trust for another person.

VALID - A Will which is legally enforceable. WILL A Will is a legal document in which you state how you would like your assets to be distributed after your death. A Will also allows you to appoint an Executor who will be responsible for making sure your wishes are met.

Julie* was only 16 years old when her Dad brutally assaulted her. She spiralled into 4 years of depression and self-destructive behaviour. After an unsuccessful 5 week rehabilitation program in hospital and later re-admittance for a drug overdose, Julie was referred by a Social Worker to Triple Care Farm.  More…