Glossary of Terms used in Wills and Probate
Administer
To collect the assets, pay all debts of the estate, and distribute the remainder to the Beneficiaries or Trustees
Administrator
The person who deals with the estate of a person who has died intestate (without a Will)
Beneficiary
The person entitled to receive a gift from or share of the estate
Bequest
A gift of a particular object (e.g. wedding ring)
Domicile
Where a person considers their home country to be.
Estate
All the possessions of the person, who has died, including all houses and property, cars, investments, money and belongings, less their debts
Executor
The person appointed in the Will to deal with the estate of the person who has died
Execution of the Will
The signing and witnessing of the Will.
Grant of Letters of Administration
The document issued to the Administrators by the Probate Registry to authorise them to deal with the estate of the intestate
Grant of Probate
The document issued to Executors by the Probate Registry to authorise them to deal with the estate
Grant of Representation
General word for applications for Probate or Letters of Administration.
Guardian
The person appointed by a parent or the court to have the parental responsibility for a child under the age of 18 years.
Inheritance Tax (IHT)
The tax that is to be paid when the total estate of a person who has died is more than the current tax threshold of £325,000
Intestate
A person who dies without having made a valid Will
Issue
All the blood descendants of a person (children, grandchildren, great grandchildren and so on)
Legacy
A gift of money (usually a specific amount)
Memorandum of Wishes
Where a gift in a Will is coupled with a (non-binding) wish that it is to be distributed in accordance with wishes set out separately elsewhere
Minor
A person under 18 years of age
Next of kin
The person/s entitled to the estate when a person dies intestate, in accordance with the Rules of Intestacy
Parental Responsibility
The rights and responsibilities that a parent has towards a child and their property
Personal chattels
Personal belongings including jewellery, furniture, wine, pictures, books and cars, but not money, investments, property or business assets
Personal Representative
A general term for both Administrators and Executors
Probate Registry
A court within the family division of the High Court, that deals with probate matters
Proving the Will
Making the application for probate to the Probate Registry
Residue
The remainder of the estate after all debts, funeral, and other expenses have been paid and legacies and bequests made
Revoke
To cancel a Will legally
Testator
Person who makes a Will
Transferrable Nil Rate Band
For Married couples or civil partners. On 2nd death to apply for the unused proportion of the Nil Rate Band on 1st death thus in effect having a Nil Rate Band of £650,000 on 2nd death
Trust Fund
Created by Will where assets are held for the benefit of beneficiaries for a specified period of time rather than being paid outright
Trustee
Person appointed to manage a Trust Fund created by a Will
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