- MAKING A WILL
- Lasting Powers Of Attorney
- PROPERTY TRUST
ADVANCED DIRECTIVE See Living Will.
ATTESTATION The signing and witnessing of a Will.
ATTORNEY - A person appointed in a Lasting Power of Attorney.
BENEFICIARY - Any person, or organization such as a charity, who is entitled to the benefit of the land or property of the Testator.
BEQUEST - A gift of personal property or chattels by Will.
CAPACITY - Ability to make a Will by satisfying all the legal requirements.
CHATTELS - Any personal property belonging to a person, not land or property used for business purposes.
CODICIL - An attested document, which adds to, explains, alters or confirms a Will previously made by him/her.
COURT OF PROBATE - Part of the Family Division of the High Court dealing with matters relating to a Will.
DEED OF VARIATION - A document which allows the terms of a Will to be varied, with the consent of all beneficiaries. Such a variation must be done within two years of the death of the Testator.
DISCLAIMER - Rejection of a gift in a Will by a beneficiary.
DISCRETIONARY TRUST - A trust fund which is set up for the benefit of a number of named beneficiaries and, under the terms of the trust, the Trustees decide which of the beneficiaries will benefit and by how much.
INTESTATE - Dying without a Will.
EXECUTOR - The person who carries out the administration of a Will. An Executor will apply for Grant of Probate, collect in assets, pay debts and distribute the remainder of the Estate according to the terms of the Will.
GUARDIAN - A person appointed by Will to take parental responsibility for children and look after them until they attain their majority(18).
GRANT OF LETTERS OF ADMINISTRATION - The legal document issued by the Probate Registry, appointing an administrator to deal with an estate. This is issued where the deceased has not made a will or any will that the deceased has made is not valid or there is a will but no named executor, where the executors are unable to apply, where they do not wish to be involved in dealing with the estate.
GRANT OF PROBATE - Certificate issued by the Probate Office, which is sealed by the Court and confirms that the Will has been proved and gives authority for the Executors to act.
HEIR - He/she who succeeds by right of blood to the real property of their ancestor on intestacy.
INHERITANCE TAX (IHT) - Tax which is payable to HM Revenue & Customs on a deceased person's estate over and above the current nil rate band threshold
JOINT TENANCY - The ownership of land/property by more than one person; on the death of one joint owner the land passes to the survivor(s).
LAPSE Where a beneficiary predeceases the Testator, the gift to that beneficiary is said to lapse.
LASTING POWER OF ATTORNEY - Property & Affairs
A document used to appoint someone (or more than one person) that you trust completely, to have the legal power to deal with all of your financial affairs. i.e paying your bills.
It replaces the old Enduring Power of Attorney.
LASTING POWER OF ATTORNEY – Personal Welfare
A document used to give someone authority to act on your behalf, to deal with your medical treatment and generally look after your best interests whilst you are unable to do so yourself.
LEGACY - Gift of personal property by Will.
LETTERS OF ADMINISTRATION - If a person dies without leaving a Will, to enable the estate to be distributed Letters of Administration will be granted to an interested person. An interested person is someone with an interest in the estate being wound up. For example a spouse, child, creditor etc.
LIFE INTEREST - When a person is entitled to benefit from an asset during his/her own lifetime then, on his/her death, the asset will pass to another beneficiary named in the Testator's Will.
LIVING WILL - Also known as an Advanced Directive. A document which guides the medical profession on your wishes regarding the use of life-sustaining procedures. A much more basic document then the Lasting Power of Attorney – Personal Welfare.
NIL RATE BAND - The amount that an individual can leave on his/her death subject to 0% inheritance tax. This is generally adjusted on an annual basis in the Budget £325,000 for 2012/13 allowance.
PARENTAL RESPONSIBILITY - A child's mother has parental responsibility unless it is removed from her by a Court. So too does the father if he was married to the mother, or if he successfully applies for it through the court, or if after December 2003 he is named on the child's birth certificate.
PARTIAL INTESTACY - Occurs where part of the residuary gift fails because there are no beneficiaries to collect. For example, the residuary beneficiary has predeceased the Testator and there was no provision for alternatives.
PECUNIARY LEGACY - Gifts of money.
PERSONAL REPRESENTATIVES - This is a generic term for Administrators and Executors.
POTENTIALLY EXEMPT TRANSFERS (PETs) - These are transfers made by a Testator during his/her lifetime. If these transfers were made within seven years before death, inheritance tax will be potentially payable on such gifts by the beneficiary.
PROBATE see GRANT OF PROBATE.
REALTY - Freehold land, immoveable property.
RESIDUE or RESIDUARY ESTATE - That which remains of the decease's estate after the payment of debts, funeral expenses, legacies etc.
REVOCATION OF A WILL - To cancel an existing Will in writing, or to automatically cancel an existing Will by completing a new Will.
TENANTS IN COMMON - Where two or more persons own part of the same property individually. In their Will, each person can leave their part to a different beneficiary.
TESTAMENT A statement made by a Testator, such as a Will.
TESTATOR - The person who sets out his wishes and requests as to how their estate should be divided in the form of a will.
Testatrix - See above A female testator
TRUST Where assets are held by one or more persons [the Trustee(s)] for the benefit of one or more beneficiaries.
TRUSTEES - Someone who is given the legal responsibility to holds any assets until nominated beneficiaries meet certain criteria set out in the deceased's will e.g. until a beneficiary reaches the age of 18. Trustees normally have powers to distribute monies and have full power to sell and invest.
WITNESSES - The persons who must be present to see the testator sign the will. They must also sign the will themselves and should not be one of the beneficiaries.