Isle of Man Wills Jargon Buster
Below is our Wills Jargon Buster to help give some details on the terms used:
Administrator | The alternative name for an Executor who is entitled to administer your Estate if you die.
Assets | All property that a person owns including a home, money, car, shares, bank accounts etc.
Bequest | A gift of personal or movable property in a Will, including cash, shares and personal items.
Beneficiary | A person who benefits under a Will or Trust.
Codicil | An additional document that explains, modifies or revokes a Will or part of one.
Debts | What a person owes such as a mortgage, personal loans or credit cards.
Devise | A gift of real or immovable property including land, houses and flats in a Will.
Discretionary Trust | An arrangement whereby there are no fixed beneficiaries. Your estate is divided in accordance with a flexible letter of wishes and at the decision of your Trustees/Executors.
Dying Intestate | Dying without a will.
Estate | Everything you own at the time of your death.
Executor | A person or body named in a Will who is responsible for administering the Estate.
Guardian | A person nominated to take custody of a child should the current parent or guardian die.
Inheritance | The money, property or assets that someone receives from a person who has died.
Intestacy Rules | If you die without a Will, these rules set out how your Estate is distributed.
Legacy | Widely used to cover all types of gifts left in a Will.
Probate | The Court’s authority given to a person or body to administer an Estate. Link to the Isle of Man Probate Office.
Right of Occupation | An arrangement whereby the deceased grants a right to occupy a property for a specified time, but ultimately the property is held on Trust for another.
Residuary Estate | Everything you own at the the time of your death less gifts, debts, funeral expenses and the cost of winding up your Estate.
Testamentary Expenses | The legal costs of winding up an Estate.
Testator / Testatrix | The person making a Will.
Trustees | The people responsible for looking after any trusts in your Will, normally your Executors.
Will | A document that sets out what you want to happen to your Estate after you die.
MannBenham are here for you
We are here for you to talk through what you need, with years of experience and knowledge. If you found our Wills Jargon Buster of use and should you wish advice regarding writing a Will, Isle of Man Probate matters or just wish to understand your options, please feel free to speak with one of our Private Client Team on +44 (0)1624 639350 or email them at [email protected] to arrange your free initial consultation.
Source: MyWill | Article posted on 09 May 2023
