Administrator : The name given to a personal representative, if not appointed by a valid Will. The Administrator will need to obtain letters of administration to prove that they have legal authority to deal with the property of the deceased.
Assets: The value of an estate.
Beneficiary: Person who benefits from a Will.
Codicil: A document that alters an existing Will.
Co-habitee: A partner of the deceased who may be able to claim a share of the estate. The term ‘common-law wife’ has no legal force.
Contingent: Where an event must happen before a gift can be made – eg – a child must reach the age of 18 before payment can be made. The child has a ‘contingent’ rather than an absolute entitlement to the money.
Devise: A gift of land or property.
Enduring Power of Attorney : A form that authorises someone to act on another’s behalf.
Estate: All the assets and property of the deceased.
Executor : The name given to a personal representative appointed by a valid Will or Codicil. The Executor usually has to apply for probate of the Will to prove they have legal authority to deal with the estate.
Grant of Probate: The document issued by the Probate Registry to the Executors of a Will, giving them authorisation to administer the estate.
Inheritance Tax: Tax payable when the estate of the deceased exceeds the set threshold.
Intestate: A. person who dies not having made a legally valid Will.
Legacy: A gift or bequest of real or personal property.
Personal Estate: All investments and belongings of the deceased other than land and buildings.
Probate of the Will: The document issued to Executors by a Probate Registry giving leave to administer the estate.
Residue: The remainder of an estate left to be shared out after all debts, taxes and specific legacies have been paid.
Testator: A person who has made a legally valid Will.
Trustee: The person given legal authority to administer a Trust.
Get in touch if you need more information on this topic. For a free initial meeting please call 01202 499255 and Julie or a member of her team will be happy to discuss any questions you may have.