GLOSSARY S - Z

Social Fund
Part of the Social Security system which may provide help with the cost of a funeral, depending on circumstances.

Specific Gifts
Gifts you want left to specific people such as your pet cat to a specific individual you know would be able to look after it.

Spouse
When using terms such as "husband" and "wife", it is important to consider that this refers to your husband or wife at the time a Will was written.  If you are going through a divorce, your spouse remains your husband or wife until you receive your decree absolute.

Stamp Duty Land Tax
A tax on land transfers paid by the buyer. It is currently paid on transfers of over £125,000

Tenants in common
Property is owned jointly but each joint owner has a distinct share which forms part of their estate on death and does not pass automatically to the surviving tenant(s).

Testator
The person who actually sets out his wishes and requests as to how their estate should be divided in the form of a Will. A testator must be over 18 years of age and of sound mind at the time of making the Will.

Testatrix
A female testator.

Trust
An arrangement set up by Will or deed.  Trustees are appointed and given money or assets to hold and manage for defined Beneficiaries.

Trustee
Holds any assets until nominated beneficiaries meet certain criteria set out in the will e.g. they reach the age of 18.  Trustees normally have powers to distribute monies and have full power to sell and invest.

Witnesses
A Will is always subject to two witnesses having verified the signature of the testator.  They have to sign the Will at the same time as each other and also at the same time as the testator.