What is a Gift Over? If a gift in a Will fails, and no provision is made for the failure, the failed gift returns to the residual estate for distribution. Please note: we do not use these archaic terms in our Wills. We prefer plain English.
What does ”Cy Pres” mean in a Will? Cy Pres is a Latin term that roughly translated means “as best as you can” It is used to tell the executors that they must adhere to the wishes of the deceased as closely as possible. Please note: we do not use these archaic terms in our Wills. We prefer plain English.
What does “issue” mean in a Will? In this context, issue simply means descendants of. Mr and Mrs Jones, have a son, Jack. Jack is their issue. Please note: we do not use these archaic terms in our Wills. We prefer plain English.
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.
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…
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.
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.