Administer
|
To collect the assets, pay all debts in the estate and distribute the rest to the beneficiaries. |
| Administrator |
Is the person entitled in priority to deal with the administration of an estate where the deceased did not leave a Will. |
| Assets |
Money, house, land, shares, stocks and any other benefit belonging to a person when they die. |
| Attorney |
Is a person appointed to manage the financial affairs or personal welfare of another person, usually under a Lasting Power of Attorney. |
| Beneficiary |
Is a person entitled to the deceased's estate under a Will, intestacy, trust or insurance document. |
| Codicil |
A document used to make minor changes to a Will. |
| Caveat |
Is a document lodged at the Probate Registry to prevent the Executors from obtaining a Grant. It will usually be lodged where there is a dispute. |
| Deed of Variation |
A document used to vary the terms of a deceased person's Will, provided it is entered into within 2 years of death and the person who is giving up the benefit consents to the variation. |
Executors/
Executrices |
The persons chosen by the testator in the Will to deal with the administration of the estate. |
| Guardians |
The people appointed in a Will to bring up minor children. This will usually come into effect on the death of both of their biological parents. |
| Grant of Probate |
This is the legal proof by the Probate Court that a Will is valid and gives authority to the Executors to administer the estate of the deceased. |
Grant of Letters
of Administration |
This is the legal authority given by the Probate Court to the persons entitled in priority to administer the estate of a deceased person who died without making a Will. |
| Inheritance Tax |
The tax which is payable where the value of the deceased person's estate exceeds the inheritance tax threshold. Currently £325,000 for individuals and £650,000 for married couples over the deaths of both spouses, subject to the transferable nil rate band of the first deceased spouse being applicable to the estate. Tax at 40% is payable on anything in excess of these figures. |
| Intestacy |
Is where someone dies without making a Will. Their estate will pass under the Law of Intestacy to any surviving spouse and nearest blood relatives. |
| Inland Revenue Account |
A document which must be filed with H M Revenue & Customs setting out the assets and liabilities of the estate as at date
of death before a Grant can be obtained. |
| Lasting Powers of Attorney |
Is a document made by a person in which they appoint people (attorneys) to manage their affairs in the event they are incapable of doing so themselves. |
| Minor |
Is a child who has not attained the age of 18 years. |
| Statutory Legacy |
Arises where there is no Will and is the sum of money that the Law of Intestacy states the surviving spouse of the deceased is entitled to from the estate. |
| Survive |
To be alive after the death of the person who made the Will. |
| Spouse |
The person to whom you are legally married. |
| Trust |
Is a legal arrangement whereby a person transfers money or property to trustees for them to hold for the benefit of others. |
| Will |
A Will is a legal document signed by a testator in which they set out their wishes regarding the disposal of their assets at their death. |
