Will Builder

What is an Executor?

An Executor is a person named in a will who sorts out the estate of the person who's died. Your estate is everything you own, including money, property and possessions.

What is a Trustee?

A Trustee will take responsibility for money that’s been set aside in a trust for someone else. They will manage the money for them and only use it in their best interest and obey the rules of the trust.

What is a Guardian?

The Guardian of a child has the right and responsibility to make decisions for that child.

Professional Executors

Examples of Professional Executors can be solicitors or accountants. Professional executors tend to charge, but it can be helpful to have someone involved with specialist knowledge.

Gifts

A specific gift is a particular item or sum of money that you wish to give someone/charity in your Will.

Legacy

A legacy is a gift that you leave to someone or leave to a charity in your Will.

Charities

Giving money to charity (eg. Cancer Research UK) in your Will is a great way to leave a positive legacy for the future. It can also reduce the amount of tax paid by the rest of your estate so your family can get the most out of their inheritance.
Your donation will either:

• be taken off the value of your estate before Inheritance Tax is calculated
• reduce your Inheritance Tax rate, if 10% or more of your estate is left to charity

• a fixed amount
• an item
• what’s left after other gifts have been given out

Beneficiary

A beneficiary is a person who has been named to inherit in a Will. This person may be left property, land, or money in the deceased's Will.

Residuary Estate

A Residuary estate is a probate term that refers to the assets in a deceased person's estate after all gifts are bequeathed and debts, taxes, administrative costs, probate fees and court costs are paid.