7 Days: 10.00 am - 10.00 pm
Unit 3, Sage Walk, Tiptree, Colchester, CO5 0AR

Tag: Glossary of Terms

Tag: Glossary of Terms

WHAT DOES ”PER STIRPES” MEAN IN A WILL?

What is Per Stirpes? Per Stirpes is a Latin term translating as “By Branch” and in respect of Wills, it refers to a branch of the family tree.[/pix_text][pix_text content_color="gray-7"]If a Will has a per stirpes clause it means that, if the beneficiary of a gift in a Will has died, their gift shall pass to their own children (and then Grandchildren) instead. Please note: we do not use these archaic terms in our Wills. We prefer plain English.

Read more

WHAT IS A PRIVILEGED WILL?

What is a Privileged Will? A Privileged Will can be made by members of the Armed Forces when in an operational area, or are to be posted imminently. A Privileged Will differs greatly from the formal provisions of the Wills Act 1837 in many ways. It can be made by service personnel or civilian personnel (accompanying service personnel) over 16 years of age, as opposed to the usual requirement of reaching the age of majority. The Privileged Will can be…

Read more

WHAT IS ABATEMENT?

What is Abatement? If there isn’t enough liquid capital left in an Estate to cover all of the bequests (gifts) within a Will, then it is up to the Executor to apply the rules of abatement which means the beneficiary’s gifts will be reduced pro-rata. E.G. If the Will gave £500k in gifts but the liquid assets in the estate were £250k, then each beneficiary would receive 50% of the gift in the Will.

Read more

WHAT IS ADEMPTION?

What is Ademption? Ademption occurs when a specific gift in the Will, such as a house or a car ceases to be part of the testator’s estate between the making of the Will and the testator’s death. The result is the gift is addeemed and the gift fails, meaning the proposed beneficiary receives nothing from this portion of the Will.

Read more