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Jersey Will | Glossary

Jersey Will

Beneficiary

A beneficiary is someone who receives an inheritance from a Will.

Codicil

A properly executed change or addition to an existing will

Devise

A gift or real property in a will

Estate

This is the collective term for everything a deceased person owned. This can include Immovable property such as your home, moveable property such as share transfer property, money in the bank, savings, investments, stocks and shares, vehicles, jewelry and other personal possessions.

Execution

The formal will-making process by signature and witnessing

Executor

This is the person  appointed under the Will to finalise someone’s Estate.

Holograph Will

A Will written in the will maker’s own handwriting

Immovable Property

Means freehold and flying freehold property (it does not include share transfer property).  In Jersey one tends to have a separate Immovable Will.

Legitime

A Jersey form of  forced heirship.

Life interest

A lifetime gift, such as giving someone the right to live in a property until that person’s death. On the death of the person given the life interest, the asset or capital is distributed according to the Jersey Will.

Movable Property

Moveable property mean such as share transfer property, money in the bank, savings, investments, stocks and shares, vehicles, jewelry and other personal possessions. In Jersey one tends to have a separate movable Jersey Will.

Pecuniary legacy 

A fixed sum of money expressed as a gift in a Will

Residue of estate

Possessions, property and money remaining after all debts are settled and all gifts are distributed in accordance with the Jersey Will.

Revocation of a Will

The cancelling of a Will by a specified happening such as by making a new Will.

Specific bequest 

The gift of an identifiable asset such as jewelry or furniture.

Testamentary capacity

The capacity of a person to make a valid Will.

Undue influence

Influence amounting to coercion placed on a Will-maker, which will invalidate a Will.

Will 

A legal document expressing the intentions of a person for the distribution of their assets after death.

Witness 

A person who is present at the signing of a will by the will maker and who will witness the signing of the Will.  Jersey law has specific requirements as to whom may be a witness

Notification

Please note that the information provided on this website is for general information purposes only and is designed to provide you with an outline of the legal services we offer.  Whilst we endeavour to ensure our information is correct and useful, we make no representations or warranties regarding the accuracy or completeness of the information offered.  Information on our website does not constitute legal advice and Parslows Jersey accepts no liability for any loss or damage arising out of, or in connection with, the information found in this website.  Please consult a lawyer at Parslows Jersey in the event that you require professional assurance that our information, and your interpretation of the same, is correct.

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