So, you listened to all the previous blogs, and you went out and got a Last Will & Testament as part of your estate plan. Let me be the first to say, Congratulations! But now that you’ve got it, do you really know what all those fancy legal words mean? Hopefully your attorney explained the document to you and thoroughly answered all your questions, but sometimes attorneys forget that not everyone deals with these terms on a daily basis. So if you have been wondering what in the world per stirpes means, or what is the difference between devise and bequeath, here is a quick glossary of common terms found in a Will:

Administrator / Administratrix. A person who is legally appointed to deal with the estate of a person who has passed away without a Will. The administrator/administratrix is typically the deceased’s next of kin.

Beneficiary. Beneficiaries are people benefiting from a Will and can be individual persons or organizations, such as a charity or a company.

Bequest. A gift of personal property (usually other than money) by means of a will.

Chattels. Personal possessions, for example a car, cat, jewelry, furniture etc. (also called personal effects/personal tangible property).

Codicil. A document which, when signed and witnessed, operates to amend a pre-existing Will.

Devise. A gift of real property (real estate) by means of a will.

Estate . All possessions and assets that are owned by the deceased person upon their death.

Executor / Executrix. These are people appointed by a Will whose role is to ensure the wishes of the deceased as set out in the Will are carried out.

Guardian. The person(s) named in a Will to be legally responsible for infant children.

Intestacy. The rules, usually set out in a state statute, that apply when no Will has been left. The deceased will have been left Intestate.

Legacies. These are specified gifts left in a Will to specified people.  A Legacy can be a particular property, sum of money or part of the Residuary Estate.

Per Stirpes. Per stirpes is a method for distributing the estate of a deceased individual. Per stirpes specifies that each branch of the deceased person’s family receives an equal share of the estate, regardless of how many people are in that branch.

Residual Estate.  This is what is left over after all the designated gifts and Legacies have been distributed to the Beneficiaries and all professional fees have been paid to the Executors and Solicitors. (also called the residuary, or the rest, residue and remainder)

Testator / Testatrix. The person that made the Will.

Trust. When a gift or part of the Residuary Estate is to be looked after by the Trustees, it is called a Trust. The Trustees control the Trust and manage it for the benefit of the Beneficiaries. Trusts are often created to provide for children.

Trustees. Persons appointed in the Will or by Deed to look after property or money which cannot pass under the Will straight away. 

http://www.legalcentre.co.uk/wills/guide/glossary-of-common-will-words/