Glossary

a

Administrator

The person entitled at law to administer your Estate if you die without a Will (that is, Intestate)

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b

Bequest

Gifts made by Will

Beneficiary

A person who benefits under a Will or Trust

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c

Codicil

A formal amendment to a Will

Court of Protection

A specialist court for all issues relating to people who lack capacity to make specific decisions. The Court makes decisions and appoints Deputies to make decisions in the best interests of those who lack capacity to do so.

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d

Devise

A gift of real or immovable property such as land, houses or flats in a Will.

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e

Estate

Everything you own at the time of your death.

Executor

The person or body responsible for collecting in the deceased's assets, paying any taxes, and distributing the Estate in accordance with the Will

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g

Guardian

Person appointed by the Will to take over such parental rights as you may have over any child of yours under 18 at your death.

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i

Inheritance Tax

Tax payable on gifts made during your lifetime or after your death, by Will or Intestacy.

Intestacy/Intestate

Dying without having made a Will. The law sets out how your Estate is distributed, usually to close relatives.

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l

Legacy

Gift of personal or moveable property (including cash, shares etc.) in a Will.

Letters of Administration

The application to court after someone dies without a Will to prove that the person applying is entitled to administer the Estate and perhaps take a share of it. Like Probate, but where the deceased has left no Will.

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p

Probate

The application to court after someone dies to prove the Will is valid and which results in authority being granted to the Executors . The formal document that is issued is called a Grant of Probate.

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r

Residuary estate

Everything you own at the time of your death less any gifts you have made in your Will, your debts, funeral expenses and costs of winding up your Estate.

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t

Testamentary expenses

The legal costs of winding up your Estate.

Testator

The person making a Will (the female form is testatrix).

Trust

Arrangement by which a person (the Trustee) holds legal ownership of money or property for the benefit of another person.

Trustee

A person to whom an Estate or property is conveyed on trust for another.

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w

Will

A document conforming to certain legal requirements that sets out what you want to happen to your property and the rest of your Estate upon death.

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